Stablecoins Become Brazil's New Dollar Pipeline
The International Monetary Fund (IMF) has found that stablecoins have become Brazil's new dollar pipeline, accounting for over 71% of declared crypto activity in Latin America's largest economy.
According to the IMF's report, cross-border crypto flows have grown faster than traditional capital movements, raising fresh questions for global regulators. Between August 2019 and December 2025, Brazilian authorities reported more than $200 billion in stablecoin transaction volume, with stablecoins accounting for around 80% of monthly declared crypto volume in 2025.
The growth of stablecoins is unfolding against a broader transformation in Brazil's financial system, where digital banking and Pix have already changed how millions of consumers move money. The rise of digital banks has increased competition in a market historically dominated by a small number of major financial institutions.