The use of stablecoins in Brazil has grown significantly, with USDT trading volume exceeding the trading volume of all other cryptocurrencies combined in 2022

According to Foresight News, the Brazilian Ministry of Finance and Taxation Bureau issued a statement stating that monthly federal income surveys since 2019 have shown that the use of stablecoins has increased significantly. Among them, the most traded stablecoins in Brazil are USDT and USDC, and the cumulative USDT trading volume exceeds 271 billion. Brazilian real, nearly double the volume of Bitcoin traded during the same period. In 2022, USDT trading volume exceeded that of all other cryptocurrencies combined, according to a regulator report. Considering only partial data from 2023, 80% of the reported cryptocurrency movement relates to USDT.