U.S. Treasury Secretary Scott Bessent said the U.S. gamble on Argentina's currency proved successful, with American financial support repaid and the U.S. no longer holding Argentine pesos in its exchange stabilization fund. The U.S. had purchased the plunging currency last year to prevent further economic turmoil and support President Javier Milei's party ahead of national midterm elections.

The move drew criticism from Democrats, who accused Bessent of risking taxpayer money in a country known for financial instability. Bessent defended the intervention, stating on social media that "Stabilizing a strong American ally and making tens of millions in profit for Americans is an America First homerun deal."

In September, the U.S. intervened as individuals were selling off the peso, influenced by previous post-election shocks and concerns that Milei's party might underperform in the midterms. Bessent pledged to take necessary actions to stabilize the currency.

The U.S. intervention aimed to stabilize the Argentine peso, which had been experiencing significant volatility. The move was intended to reassure investors and prevent a deeper economic crisis in Argentina, a key ally of the U.S., particularly under President Donald Trump.

Critics, primarily from the Democratic party, questioned the wisdom of using taxpayer funds to prop up a foreign currency, especially given Argentina's history of economic challenges. They argued that the intervention could set a precedent for similar actions in other countries and raised concerns about the potential for financial losses.

Bessent maintained that the intervention was a strategic success, both in terms of stabilizing the Argentine economy and generating a profit for American taxpayers. The repayment of the funds and the elimination of the U.S. peso holdings indicate the completion of the stabilization effort.