Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold
Brazilian banks are expanding their cryptocurrency offerings as regulation takes hold in the market. According to Receita Federal data, Brazil's crypto market reached a record R$505.5 billion ($98.7 billion) in 2025, up more than fivefold from R$94.9 billion in 2020.
Itaú, Brazil’s largest bank by assets under management, now offers 15 different cryptocurrencies through its investment app, including Bitcoin and the dollar-pegged stablecoin USDC. Nubank lists 28 cryptocurrencies, while Banco do Brasil has moved more than R$11 million ($2.1 million) in transactions since January.
The expansion tracks a regulatory shift, with Brazil passing its Legal Framework for Virtual Assets in 2022 and the Central Bank publishing three resolutions in November 2025 that gave the sector authority. Any firm that lets customers trade, hold, or send cryptocurrency now needs a license, minimum capital cushion, and segregated client accounts.
Banco Safra issued its own dollar-pegged stablecoin, Safra Dólar, in September 2025 and keeps full custody in-house. Carlos Akira Sato, co-founder of consultancy Syscapital, said the clearer rules left banks 'more secure to launch their products.'