The adoption of the popular stablecoin Tether (USDT) in Brazil has experienced a remarkable surge in 2023, now constituting a staggering 80% of all crypto transactions within the country. According to data provided by Brazil’s tax agency that was first reported on by Cointelegraph, the total USDT transactions in Brazil for the year amounted to approximately $271 billion Brazilian reais (equivalent to roughly $55 billion USD) as of mid-October. USDT has seen a consistent increase in popularity in Brazil since 2021. Notably, they surpassed the volume of Bitcoin transactions for the first time in July 2022, marking a significant shift in the country’s crypto landscape.
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