USDT transactions skyrocket in Brazil
USDT volume in Brazil surpasses all other major cryptos, including BTC, ETH, BRZ, USDC, and XRP, accounting for 80 percent of crypto transactions in the country
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The Brazilian Federal Revenue Service agency, the Receita Federal, has recently reported a significant surge in the usage of the stablecoin Tether (USDT) within Brazil, accounting for nearly 80 percent of all crypto transactions in the country so far in 2023. The report is based on only partial data from 2023.
The USDT transactions have been rising in Brazil since July 2020 but surpassed Bitcoin volume for the first time in July 2022. By mid-October 2023, the volume of USDT transactions in Brazil exceeded R$271 billion, nearly double that of Bitcoin, which amounted to over R$151 billion during the same period.
The volume of USDT traded in Brazil has even crossed the sum of all other top cryptos traded within the country during this period. Some of these top cryptos overtaken by USDT in Brazil include Bitcoin (BTC), Ethereum (ETH), Brazilian real stablecoin (BRZ), USD Coin (USDC), and XRP.
The USDT had shown a continuous rise in Brazil even during the storm in the crypto industry in 2022, when the overall volume of crypto transactions in Brazil declined by nearly 24.3 percent. Being a stablecoin, USDT was immune to extreme volatility.
The Brazilian agency conducted the analysis using a comprehensive system that monitors crypto activities in the country. It used modern data processing techniques, artificial intelligence, and complex network analysis to track crypto activities. The system also detected suspicious activities related to crypto transactions within the country.
