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.
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.
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