- 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.
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.