"The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges."
I don't think the author of the article understands what Stablecoins are.
Stablecoins are called that way because their price doesn't depend on marke demand of them.
The price of a stablecoin depends on the price of what that stablecoin is pegged to, or backed with: gold, silver, dollars, yen, copper, orange juice, etc.
A Stablecoin whose price rises by 11% because of risen demand of it (in the case or Argentina, because of political and social turmoil), isn't a stablecoin.
A coin whose price goes up and down by 11% isn't stable, that coin can't work as stablecoin.
"The situation has caused Argentinians to rush to exchange their pesos for foreign currencies like the U.S. dollar and also for dollar-pegged stablecoins like USDT."
A Stablecoin is a coin which preserves the buying power.
A dollar-pegged stablecoin is a coin which currently is losing 9% p.a. of its value, as the USD, which that stablecoin is pegged to, is losing 9% p.a. of its buying power, according to the last inflation data in the USA.
A coin which is losing 9% of its buying power is not a stablecoin.
It is terrible to see people trying to save their wealth, and in doing so making a choice which they know already will make them lose 9% of their wealth within a year.