Central Bank of Brazil: Stablecoins Dominate Over $6.9 Billion Crypto Purchases Registered in Q1
Key Takeaways:
Of all this spending, over 98% comes from stablecoins, which have emerged as an alternative for payments and remittances and are not subject to financial taxes, unlike regular currencies. This means that $6.8 billion of the total volume corresponded to stablecoin purchases.
While the government planned to introduce financial taxes on stablecoins purchases and remittances, President Luiz Inácio Lula da Silva has reportedly suspended this action to focus on the upcoming presidential elections.
According to Valor Econômico, the central bank’s head of statistics, Fernando Rocha, highlighted that due to the ongoing regulatory process for crypto exchanges, the bank expects to have a more accurate estimate of these volumes.
He stated:
“We are working with the scenario that throughout the second semester, we will receive, process, and validate this information, and we can have a more robust set of data on external sector transactions for crypto assets”
The rise of stablecoins in Brazil has been exponential, pushing the country to the top spots in cryptocurrency adoption. According to TRM Labs, Brazil is currently the fifth-largest cryptocurrency market, just behind the U.S., South Korea, Russia, and India, registering $40.4 billion in retail volume during Q1 2026.
This popularity has led stablecoins to exit the cryptocurrency niche and be adopted in other sectors and industries, including B2B transactions. Most international travel agencies operating in Brazil have reportedly adopted stablecoins, and remittances using these assets are also surging.
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