Stablecoins Drive 90% of Brazil’s Crypto Volume, Tax Authority Data Shows

Brazil’s crypto market is moving billions of dollars a month, and regulators are taking notice. In a technical presentation at the Blockchain Conference Brasil, Flavio Correa Prado, an auditor at Brazil’s tax authority, the Receita Federal, revealed that crypto transactions reported under existing rules have reached between $6 billion and $8 billion per month. If current trends continue, that figure could rise to $9 billion monthly by 2030, he said. Most of that volume comes from stablecoins like USDT an ...