• Brazil’s crypto imports are up 60.7% through September, surpassing the total for 2023.
• Stablecoins accounted for nearly 70% of all crypto-related transactions in Brazil.
• Brazil’s central bank chief said stablecoins will likely get regulations in 2025 due to increasing demand.
Cryptocurrency adoption is on the rise in Brazil. The country has seen a massive 60.7% increase in crypto imports through September 2024. This influx has resulted in total imports exceeding the entire 2023 figure, according to central bank data.
Surging Stablecoin Usage Driving Growth
Brazil’s cryptocurrency market now stands as the 10th largest globally, per Chainalysis. Stablecoins like USDC have accounted for almost 70% of crypto transactions. Their dollar-peg and familiarity make them appealing for Brazilians.
Circle has also expanded USDC access in Brazil and Mexico recently. Stablecoins will likely see regulations in 2025, according to central bank chief Roberto Campos Neto. The need to regulate comes from rising retail demand.
2024’s Explosive Crypto Growth
This year has seen cryptocurrencies take center stage globally. In the US, the first crypto ETFs were approved amid election season debates. The reasons for growth are clear – crypto adoption is rapidly increasing worldwide.
Brazil’s numbers showcase this. A 60.7% import rise through September has already beaten 2023’s total. Major firms like Coinbase and Ripple have expanded into Brazil due to demand.
BRICS Role and Path Forward
Brazil’s membership in the BRICS bloc could further boost crypto adoption. The group has researched using digital assets and blockchain for financial integration.
Brazil’s robust 2024 growth shows crypto’s rising popularity. Further adoption seems imminent as firms expand access and regulation develops. Crypto is cementing itself as an important part of Brazil’s financial system.
