Brazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactions

Stablecoin Tether (USDT) has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil’s revenue service agency. 

As of mid-October, USDT transactions in Brazil this year amounted to $271 billion Brazilian reais (~$55 billion), almost double the volume of Bitcoin (BTC) transactions in the country, which were $151 billion reais (~$30 billion). Stablecoins are cryptocurrencies designed to have a stable value, often pegged to the value of fiat currencies, like the U.S. dollar and the Brazilian real.

USDT transactions have been on the rise in Brazil since 2021, but crossed Bitcoin volume for the first…

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