Brazil’s booming crypto market surpasses 2023 totals

Brazil’s net imports of crypto assets have surged by over 60% in the first nine months of 2024 compared to the same period last year, according to the country’s central bank. Total imports reached $12.9 billion through September, already exceeding the $11.7 billion recorded for all of 2023. Fernando Rocha, head of the central bank’s statistics department, noted a slight month-to-month decline from August to September but stressed that year-on-year growth remains strong.

Demand for stablecoins, digital assets pegged to real-world assets such as the United States dollar, has been the primary driver behind this increase, making up nearly 70% of all crypto transactions in Brazil this year, according to tax revenue data. Central bank chief Roberto Campos Neto recently announced plans to regulate stablecoins in 2025, citing concerns about their links to tax evasion and illicit activities.

As the world’s tenth-largest crypto market, according to blockchain analytics firm Chainalysis, Brazil continues to see stablecoins grow in popularity, largely due to their price stability and ease of international transfer. Unlike cryptocurrencies with fluctuating values, stablecoins such as Tether (USDT) and USDC offer Brazilians a reliable way to move funds quickly and securely.