October 28, 2024 11:39 4 minutes read (Updated: October 28, 2024 15:06)
Welcome to Tech Roundup. We bring you the biggest stories about technology and innovation from Brazil and Latin America. This week: Brazil’s crypto market soars as stablecoins dominate
Brazil’s virtual currency market will grow rapidly in 2024
Brazilians traded more than 247.8 billion reais (US$43 billion) in crypto assets from January to September 2024, according to amounts declared to the Federal Revenue Service. This was a 24% increase over the same period last year.
data. The reported figures include transactions by Brazil-based virtual currency exchanges, which must declare all transactions to the Federal Revenue Service, and transactions on foreign platforms exceeding the monthly threshold of R30,000. . Actual trading volume may be even higher.
Bitcoin love. The Federal Revenue Service began collecting data in 2019. Since that year, Brazilian monthly trading volume peaked in March 2024 at R$35.9 billion. That was the month Bitcoin hit an all-time high.
Top assets. Surprisingly, Bitcoin (BTC) was not the most commonly traded cryptocurrency in Brazil this year. Tether (USDT), a stablecoin pegged to the US dollar, led the way at 153.7 reais…
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