Brazil has a record number of institutions declaring crypto holdings.
In August, Brazil had the highest number of companies and institutions declaring ownership of cryptocurrencies. The figures, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to buy cryptocurrency, and that the largest volumes are moved using Tether’s stable coin USDT.
In Brazil, institutions are holding more cryptocurrency.
Because of the specific problems that their economies face, institutions are drawn to holding crypto in Latin American countries. The Brazilian Tax Authority (RFB) recently reported a record increase in the number of these institutions declaring ownership of cryptocurrency. The numbers, which match what was said in August, show that more than 12,000 Brazilian companies say they have cryptocurrency in their treasury.
The number of companies that declared having cryptocurrency in July increased this indicator (11,360). Individual statements, on the other hand, slowed in August compared to July, with 35,000 fewer statements recorded. But this indicator is still high, with over 1,300,000 people saying they have some form of cryptocurrency as part of their assets.
The Brazilian Tax Authority (RFB) tells the market each month about changes in the number of mandatory statements about crypto ownership. This gives an idea of how and where the market is going.
The USDT is still king.
USDT, Tether’s dollar-pegged stablecoin, is one of the most widely used tokens in the country, at least in terms of value moved. In August, USDT was used to move more than $1.4 billion across 79,836 transactions, with an average transaction value of nearly $18,000.
However, when comparing the number of transactions made during the same time period, bitcoin outperformed USDT. During August, more than 2.1 million BTC transactions were completed. However, the amount of money involved was much lower, averaging around $130 per transaction. BRZ, the first Brazilian real-pegged stablecoin, saw significant movement, as did ETH and USDC, another dollar-pegged stablecoin.
These figures show that the cryptocurrency market is expanding rapidly in the country, as the Brazilian Tax Authority registered a record number of individual cryptocurrency ownership statements in July. Because of this, many fintech companies, like Picpay and Nubank, and traditional banks, like Santander, have said they want to offer cryptocurrency services.