Brazil's Crypto Market Shifts Towards Stablecoins with 80% Dominance
The Brazilian cryptocurrency market has seen a significant shift towards stablecoins in recent years. According to data from the Federal Revenue, stablecoins now represent approximately 80% of the total volume of declared crypto assets in Brazil.
This marks a substantial transformation in the Brazilian market, with stablecoins growing from just 3.5% of traded volume in 2019 to 91.5% in 2023. The trend has stabilized at around 76-80% since then.
USDT (Tether) is the leading stablecoin in Brazil, responsible for 88.7% of total financial volume moved in stablecoins. USDC and BRZ follow with shares of 7.1% and 3.4%, respectively.
Cleverson Pereira, educational head of OnilX, attributes the popularity of stablecoins to their price stability, backed by fiat currencies like the US dollar or real. He notes that these assets offer lower exposure to volatility, virtually immediate settlement, and reduced costs in international transfers.