BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Brazil’s USDT adoption soars +80% in 2023

by BlockNews.com Team
October 29, 2023
in Breaking News, Business, Crypto
A A
Brazil’s USDT adoption soars +80% in 2023
1
SHARES
Share on TwitterShare on Reddit
  • USDT has seen massive growth in Brazil this year, accounting for 80% of crypto transactions and surpassing Bitcoin transaction volume for the first time.
  • The Brazilian tax agency is closely tracking crypto activities using advanced systems to detect suspicious transactions, tax crypto gains, and target overseas investments.
  • Ripple CEO criticized former SEC chair for filing a lawsuit against Ripple that he believes has little chance of success in court, referring to their ongoing legal battle regarding XRP token sales.

USDT has seen a significant increase in adoption in Brazil this year, accounting for 80% of all cryptocurrency transactions in the country. This highlights the growing popularity of stablecoins like USDT which aim to maintain a stable value.

USDT Volume Surpasses Bitcoin

As of mid-October, USDT transactions in Brazil this year amounted to 271 billion Brazilian reais ($55 billion), almost double the volume of Bitcoin transactions which were 151 billion reais ($30 billion). Stablecoins like USDT have been gaining traction in Brazil since 2021, but surpassed Bitcoin transaction volume for the first time in July 2022.

Tracking Crypto Activities in Brazil

The Brazilian tax agency tracks crypto activities using sophisticated systems relying on AI and network analysis. This allows them to detect suspicious transactions and trace the location of crypto traders. The agency aims to tax crypto gains and is also targeting investments held overseas.

Ripple CEO Criticizes Former SEC Chair

Ripple CEO Brad Garlinghouse criticized former SEC chair Jay Clayton’s recent comments on the SEC’s approach to crypto regulation. Garlinghouse said Clayton filed a lawsuit against Ripple with little chance of success in court. This refers to the ongoing legal battle regarding XRP token sales.

Conclusion

Crypto adoption continues to grow in Brazil, with stablecoins taking a leading role. Regulators are also ramping up oversight and taxation, while high-profile legal battles shape the regulatory landscape in the US. The crypto industry is rapidly evolving across jurisdictions.

Tags: BitcoinBlockchainBusinesscryptoUSDT
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Diddy Meme Coin Surges to $180M Before Crashing Amid Legal Turmoil: Will This Impact Sentencing?
Crypto

Diddy Meme Coin Surges to $180M Before Crashing Amid Legal Turmoil: Will This Impact Sentencing?

May 9, 2025
Top 3 Cryptos Set to Soar Under Trump’s Pro-Crypto Agenda
Bitcoin

Top 3 Cryptos Set to Soar Under Trump’s Pro-Crypto Agenda

May 9, 2025
Ethereum ETH Surges 20% as Pectra Upgrade Enhances Network Performance: Is it Too Late to Buy?
Crypto

Ethereum ETH Surges 20% as Pectra Upgrade Enhances Network Performance: Is it Too Late to Buy?

May 9, 2025
PEPE Coin Surges 40% Following Elon Musk Endorsement: Here is What Happened
Crypto

PEPE Coin Surges 40% Following Elon Musk Endorsement: Here is What Happened

May 9, 2025
SOL Futures Open Interest Hits $5.8B, Signaling Market Confidence: Here is What You Need to Do
Crypto

SOL Futures Open Interest Hits $5.8B, Signaling Market Confidence: Here is What You Need to Do

May 9, 2025
SHIB Executive Predicts 1,000% Rally Following Massive Token Burn (Buy Now?)
Crypto

SHIB Executive Predicts 1,000% Rally Following Massive Token Burn (Buy Now?)

May 9, 2025
Load More

Related News

Diddy Meme Coin Surges to $180M Before Crashing Amid Legal Turmoil: Will This Impact Sentencing?

Diddy Meme Coin Surges to $180M Before Crashing Amid Legal Turmoil: Will This Impact Sentencing?

May 9, 2025
Top 3 Cryptos Set to Soar Under Trump’s Pro-Crypto Agenda

Top 3 Cryptos Set to Soar Under Trump’s Pro-Crypto Agenda

May 9, 2025
Ethereum ETH Surges 20% as Pectra Upgrade Enhances Network Performance: Is it Too Late to Buy?

Ethereum ETH Surges 20% as Pectra Upgrade Enhances Network Performance: Is it Too Late to Buy?

May 9, 2025
PEPE Coin Surges 40% Following Elon Musk Endorsement: Here is What Happened

PEPE Coin Surges 40% Following Elon Musk Endorsement: Here is What Happened

May 9, 2025
SOL Futures Open Interest Hits $5.8B, Signaling Market Confidence: Here is What You Need to Do

SOL Futures Open Interest Hits $5.8B, Signaling Market Confidence: Here is What You Need to Do

May 9, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin Meme Coin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.