Brazil’s cryptocurrency market is the 10th largest in the world, driven by the growing use of stablecoins.
Brazil’s net imports of crypto assets surged more than 60% in the first nine months of 2024 compared to the same period last year, according to the country’s central bank. Total imports reached $12.9 billion by September, already exceeding the $11.7 billion recorded for all of 2023. Fernando Rocha, head of the central bank’s statistics department, emphasized that although there was a slight month-on-month decline from August to September, the year-on-year comparison was as follows: Annual growth continues to be strong.
Demand for stablecoins, digital assets pegged to real-world assets such as the U.S. dollar, has been the main driver of this increase, accounting for nearly 70% of all cryptocurrency transactions in Brazil this year, according to tax data. occupied. Central Bank Secretary Roberto Campos Neto recently announced plans to regulate stablecoins in 2025, citing concerns about their association with tax evasion and illegal activities.
As the 10th largest cryptocurrency market in the world, Brazil continues to see stablecoins grow in popularity, primarily due to price stability and ease of international remittances, according to blockchain analysis firm Chainalysis. Unlike cryptocurrencies, which fluctuate in value, stablecoins like Tether (USDT) and USDC offer Brazilians a reliable way to move funds quickly and securely.
