U.S. Treasury Secretary Scott Bessent stated that the U.S. bet on the Argentine peso proved successful, with American financial support repaid and the U.S. no longer holding any Argentine pesos in its exchange stabilization fund. The U.S. had purchased the then-plunging currency last year in an effort to stabilize the peso and support President Javier Milei's party ahead of national midterm elections.

The intervention occurred in September when investors were selling off the peso, influenced by past economic shocks following elections and concerns about Milei's party's performance in the midterms. Bessent, at the time, pledged to do "what was needed" to stabilize the currency.

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

The U.S. intervention aimed to prevent further economic turmoil in Argentina, a key ally, particularly during a period of political transition. President Milei, considered an ally of former U.S. President Donald Trump, faced midterm elections that could have impacted his administration's agenda.

The exchange stabilization fund was used to purchase the pesos, with the intention of selling them back once the currency stabilized. Bessent's announcement indicates that this strategy was successful, resulting in a profit for the U.S. and the repayment of the initial investment.