The adoption of Tether (USDT), a stablecoin, has substantially increased in Brazil, comprising 80% of the country’s cryptocurrency transactions in 2023. According to data provided by the Brazilian revenue service, USDT transactions in Brazil reached 271 billion Brazilian reais (approximately $55 billion) by mid-October. This is nearly twice the volume of Bitcoin transactions in the country, which totaled 151 billion reais (around $30 billion).
Stablecoins like USDT are cryptocurrencies designed to maintain a stable value, typically pegged to fiat currencies like the U.S. dollar or the Brazilian real. The rising popularity of USDT in Brazil began in 2021, surpassing Bitcoin in transaction volume for the first time in July 2022, during a tumultuous period for the crypto industry marked by the collapse of major crypto lenders Three A
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First found on: USDT Dominates Brazilian Cryptocurrency Market, Accounting for 80% of Transactions in 2023
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