USDT “on the throne” in Brazil, Bitcoin is out of favor?

According to the national tax authority, the total value of transactions in USDT in Brazil has increased by 58% compared to the same period last year.

USDT “on the throne” in Brazil, Bitcoin is out of favor?

In a country where economic uncertainty is running high, Brazilians seem to be slowly turning in favor of stablecoin USDT.

According to a compilation of data from foreign and local exchanges on cryptocurrency usage, the federal tax agency says the transaction value for USDT has increased by 58% in 2022 compared to the same period last year. before. Meanwhile, Bitcoin (BTC) and Ethereum (ETH), which were popular in the past, are down more than 60% compared to 2021.

On the other hand, Tether is currently being loved by the crypto community, accounting for nearly 50% of the stablecoin market share, the highest mark since December 2021. In the midst of the current BUSD crisis, Tether is benefiting quite a bit.

Nubank has attracted 1.8 million customers after about 4 months of launching its crypto service. Thomaz Fortes, Nubank’s crypto leader, said that in this South American country, people often look to crypto as a speculative investment channel.

“Customers want to increase their income. The number of crypto users is growing even faster than the stock market.”

Domestic crypto revenue is recording 15.25% year-on-year growth from 2023 to 2027, according to Statista.

As Kyptos has reported since December 2022, Brazil has passed a law regulating the crypto industry, accept to use crypto as the official payment method in the country. Although, Brazil has not yet recognized Bitcoin as a currency like in El Salvador. BILLIONHowever, this is also seen as a significant step forward in the adoption and strengthening of the crypto ecosystem as a whole.

Recently, Brazil’s top 2 private bank Bradesco successfully tokenized the first batch of bank credit notes, worth nearly 2 million USD. The country’s central bank is currently testing a digital currency and plans to release it next year. Most recently, the oldest bank of the South American country has just opened a new crypto tax payment portal for locals.

Synthetic Kyptos

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img