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.
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