In recent years, the adoption of the popular stablecoin Tether (USDT) in Brazil has witnessed a remarkable surge, with it now constituting a staggering 80% of all crypto transactions within the country. This data, provided by Brazil’s tax agency and reported by Cointelegraph, reveals that as of mid-October, the total USDT transactions in Brazil for the year amounted to approximately $271 billion Brazilian reais, which is equivalent to roughly $55 billion USD. Notably, this amount is nearly double the volume of Bitcoin (BTC) transactions in the country, which totaled $151 billion reais, about $30 billion USD.
The Rise of Tether Adoption in Brazil
