Stablecoins Are 98% of Brazil's Crypto Purchases: Latin America Runs on Digital Dollars

What the Central Bank data shows

The 98% figure first came from Fernando Rocha, head of the statistics department at the Central Bank of Brazil, back in April, and The Rio Times raised it again on Sep 29. The Central Bank tracks crypto purchases by residents as a separate line in the country's balance of payments, and in Q1 2026 the picture looked like this:

One important caveat: this is not total market volume but a balance of payments line, meaning purchases by the country's residents. The Central Bank only sees assets with a known issuer, so it counts stablecoins more accurately than bitcoin.

Brazil's tax authority, Receita Federal, counts differently, using declared transactions, but reaches the same conclusion. From August 2019 to December 2025, stablecoins accounted for R$1.13 trillion out of R$1.58 trillion, about 72%. In 2019 their share was 3.5%; by 2023 it had reached 91.5%. Within stablecoins, USDT dominates with 88.7%, followed by USDC at 7.1% and the real-pegged BRZ at 3.4%. If you'd rather not keep all your savings with one issuer, you can swap some USDT for USDC on Ethereum.

Why Brazilians want tokenized dollars

The Rio Times puts it simply: in the region, stablecoins are for paying bills and storing savings, not for speculating on bitcoin. A dollar-pegged token solves several everyday problems at once:

• Savings in a hard currency. Opening a US dollar bank account in Latin America can be difficult or expensive, while anyone with a phone can hold USDT in a wallet, getting it by transfer or through a crypto exchange without registration.
• Money from abroad. A stablecoin transfer arrives in minutes and costs cents, with no bank fees or exchange rate markups.
• Paying for imports and services. Small businesses pay foreign suppliers in dollars without opening a foreign currency account.

Not just Brazil

On Sep 23, Chainalysis released its Latin America report covering the year to June 30, 2026. Crypto volume in the region reached $593.8 billion, up 9.8% from the year before. Five countries account for more than 80% of that total:

Stablecoins make up 32.1% of the value of cross-border crypto transfers in the region. A few more numbers from the same report and from the Rio Times review:

• Mexico: cross-border stablecoin volume hit $1.8 billion a month, four times the level of early 2024.
• Argentina: after inflation of 211% in 2023 and 118% in 2024, USDT and USDC made up more than 70% of crypto purchases on a major local exchange in 2025.
• Venezuela: annual volume doubled, and after Maduro's arrest, crypto outflows from the country jumped 891.7% in a single quarter.
• Brazil: the number of wallets holding $10,000 or more in stablecoins has grown 347% since July 2024.

Chainalysis cites the same reasons as The Rio Times: chronic inflation, unstable national currencies, capital controls and large flows of remittances from relatives abroad.

Which networks people use

Neither the Central Bank, nor Receita Federal, nor Chainalysis publishes a per-country breakdown by network. But the regional picture is well known: TRON is the main network for dollar tokens. In Q1 2026 it held more than $85 billion in USDT, over 46% of all USDT in the world, and it carries more than 40% of crypto purchases in Africa and Latin America. These figures come from a report commissioned by TRON itself, but independent analysts show the same picture.

The reason is cheap, fast transfers. We covered how the networks differ and which USDT network to choose so you don't lose money on fees in a separate guide.

What is changing in Brazil

Stablecoins in Brazil left the gray zone long ago, and the rules keep growing:

• Since February 2, 2026, Central Bank resolutions 519, 520 and 521 have been in force: crypto service providers get licenses, and buying, selling and exchanging stablecoins counts as a foreign exchange operation.
• Since May 4, 2026, resolution 561 bars intermediary companies that handle foreign exchange payments from settling with foreign partners in stablecoins. The ban does not apply to ordinary people: you can still buy, sell and exchange stablecoins.
• From October 1, 2026, providers must report every transfer of $10,000 or more to or from a self-custody wallet to Coaf, Brazil's financial intelligence unit. This is not a ban or a limit, just reporting; for details, see our breakdown of Brazil's new reporting rule for self-custody wallet transfers.
• A 3.5% IOF tax on purchases of crypto and stablecoins was discussed by the Finance Ministry in the spring, but the consultation was suspended in March. The proposal has not been withdrawn and could come back.

What this means for holders

Latin America shows how crypto works not in theory but in daily life: people hold dollars in it and pay with them. If you also keep your savings in stablecoins, what matters most is where the keys are. On an exchange, your balance is just the exchange's promise, and it can be frozen, as happened with Bitget in September. The difference is explained in detail in our article on custodial vs non-custodial wallets.

If you want to move your savings into tokenized dollars, on VertEXchange you can exchange BTC to USDT on TRON without registration and get the coins straight to your own address.