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Stablecoin transaction value on Brazil’s local exchanges has surged well beyond Bitcoin, reflecting a sharp rise in their use for B2B cross-border payments. 
<a href="https://crypto.news/tag/brazil/" target="_blank">Brazil</a>‘s stablecoin market is thriving, as <a href="https://crypto.news/tag/latin-america/" target="_blank">Latin America</a> becomes the second-fastest-growing region with a year-over-year growth rate exceeding 42%, according to <a href="https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/" target="_blank" rel="nofollow">data</a> from blockchain analytics firm Chainalysis. 
Data from the New York-headquartered firm shows that between July 2023 and June 2024, Brazil received nearly $90.3 billion in crypto, trailing closely behind Argentina. While Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) remains popular, <a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoins</a> have emerged as a preferred option on local exchanges, driven by demand for U.S. dollar exposure amid local currency instability. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1920" height="1248" src="https://crypto.news/app/uploads/2024/10/hohjgosdfhgohdfj.png" alt="Chainalysis: Stablecoins account for 70% of Brazil's exchange outflows - 1" class="wp-image-14302548">
 <figcaption class="wp-element-caption">
 Countries by crypto value received | Source: <a href="https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/" target="_blank" rel="nofollow">Chainalysis</a>
 </figcaption>
</figure> 
Chainalysis notes a year-over-year increase of 207.7% in stablecoin transaction value on Brazilian exchanges, far outpacing other cryptocurrencies like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>). 
Despite economic challenges, such as a weakening Brazilian real and slowing growth, there are still “opportunities for crypto growth, especially as regulators open their approach to the technology,” the firm explained. As exchanges like <a href="https://crypto.news/tag/okx/" target="_blank">OKX</a> and <a href="https://crypto.news/tag/coinbase/" target="_blank">Coinbase</a> continue expanding in Brazil, stablecoins are poised to remain a dominant force in the country’s evolving crypto landscape, Chainalysis notes. 
However, Latin America is not the only region witnessing a booming demand for stablecoins amid economic turbulence. As crypto.news <a href="https://crypto.news/chainalysis-stablecoins-represent-40-of-crypto-economy-in-sub-saharan-africa/" target="_blank">reported</a> earlier, stablecoins have emerged as a vital component of Sub-Saharan&nbsp;<a href="https://crypto.news/tag/africa/" target="_blank">Africa</a>‘s crypto economy, accounting for approximately 43% of the region’s total transaction volume. 
Ethiopia, Africa’s second-most populous nation, has seen retail-sized stablecoin transfers grow by 180% year-over-year, fueled by a recent 30% devaluation of its local currency, the birr.

Chainalysis: Stablecoins account for 70% of Brazil’s exchange outflows

crypto.news

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