President Javier Milei's recent statements have solidified trader consensus against dollarization by June 30, 2026, as he explained the lack of public demand prevents imposition, favoring endogenous currency competition where Argentines still transact primarily in pesos despite legal dollar use. With Central Bank of Argentina reserves at around $45 billion—far short of the $100 billion-plus needed to back the monetary base—and focus shifted to peso stabilization via monthly exchange rate bands introduced in January, fiscal surplus, and gradual cepo lifting, markets price insurmountable logistical and political barriers before the deadline. Realistic shifts could stem from a massive IMF deal or unforeseen reserve inflows enabling rapid legislative approval, though Milei's pivot underscores low likelihood.