According to data from Brazil's revenue service agency, the stablecoin Tether (USDT) has seen a considerable increase in adoption.
According to data from Brazil's revenue service agency, the stablecoin Tether (USDT) has seen a considerable increase in adoption, accounting for 80% of all cryptocurrency transactions in the country.
In Brazil this year, USDT transactions totaled $271 billion Brazilian reais ($55 billion), substantially doubling the amount of Bitcoin transactions, which totaled $151 billion reais ($30 billion).
Stablecoins, such as USDT, are intended to have a stable value and are pegged to fiat currencies such as the US dollar and the Brazilian real. USDT has been gaining popularity in Brazil since 2021, and it surpassed Bitcoin's volume for the first time in July 2022.
Brazil is stepping up its crypto efforts, with the Brazilian tax agency tracking crypto-related activity and investments held by Brazilian citizens abroad, while the Brazilian securities regulator plans to launch a second regulatory sandbox for tokenization use cases next year.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
