Brazil Stablecoin Trading Volume Reached $54.5 Billion: Report
Key Points:
- The trading volume of stablecoins in Brazil, particularly USDT, has experienced rapid growth since 2021, surpassing the volume of Bitcoin.
- Stablecoins, such as Tether, offer more stability in value and are increasingly being used as a means of payment.
Brazil stablecoin trading volume has rapidly grown since 2021, with USDT leading the way. By mid-October, USDT’s trading volume reached US$54.5 billion, nearly double that of Bitcoin.
The Brazilian tax department has reported a rapid growth in Brazil’s trading volume of stablecoins since 2021. By mid-October, the trading volume of USDT in Brazil had reached approximately US$54.5 billion, almost double the volume of Bitcoin during the same period.
According to the report, among the stablecoins, Tether (USDT) stands out, with a trading volume of over R$271 billion, nearly double that of Bitcoin. The Federal Revenue Service has taken notice of this growth and is closely monitoring the expansion of stablecoins globally.
Brazil Stablecoin Trading Volume
In Brazil, the most traded stablecoins are USDT, USDC, and BRZ, with parity linked to the US dollar and the Brazilian real, respectively. The data shows a significant change in transaction profiles, with stablecoins like Tether surpassing Bitcoin in trading volume.
This shift in user preference could have implications for tax and regulatory policies regarding cryptocurrencies in Brazil. Recent analysis reveals that USDT accounts for 80% of the reported cryptocurrency movement in Brazil. The International Monetary Fund (IMF) has also warned about the potential impact of stablecoins on national currencies and fiscal policies, particularly in developing economies.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Brazil Stablecoin Trading Volume Reached $54.5 Billion: Report
Key Points:
- The trading volume of stablecoins in Brazil, particularly USDT, has experienced rapid growth since 2021, surpassing the volume of Bitcoin.
- Stablecoins, such as Tether, offer more stability in value and are increasingly being used as a means of payment.
Brazil stablecoin trading volume has rapidly grown since 2021, with USDT leading the way. By mid-October, USDT’s trading volume reached US$54.5 billion, nearly double that of Bitcoin.
The Brazilian tax department has reported a rapid growth in Brazil’s trading volume of stablecoins since 2021. By mid-October, the trading volume of USDT in Brazil had reached approximately US$54.5 billion, almost double the volume of Bitcoin during the same period.
According to the report, among the stablecoins, Tether (USDT) stands out, with a trading volume of over R$271 billion, nearly double that of Bitcoin. The Federal Revenue Service has taken notice of this growth and is closely monitoring the expansion of stablecoins globally.
Brazil Stablecoin Trading Volume
In Brazil, the most traded stablecoins are USDT, USDC, and BRZ, with parity linked to the US dollar and the Brazilian real, respectively. The data shows a significant change in transaction profiles, with stablecoins like Tether surpassing Bitcoin in trading volume.
This shift in user preference could have implications for tax and regulatory policies regarding cryptocurrencies in Brazil. Recent analysis reveals that USDT accounts for 80% of the reported cryptocurrency movement in Brazil. The International Monetary Fund (IMF) has also warned about the potential impact of stablecoins on national currencies and fiscal policies, particularly in developing economies.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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