USDT Surpasses Bitcoin in Brazil, Accounting for 80% of Crypto Transactions

The stablecoin Tether (USDT) has seen significant growth in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country.

According to data from Brazil's revenue service agency, USDT transactions totaled $271 billion Brazilian reais ($55 billion) this year, more than doubling the amount of Bitcoin transactions, which reached $151 billion reais ($30 billion).

This surge in popularity has been ongoing since 2021, and USDT surpassed Bitcoin's volume for the first time in July 2022.