Bitcoin Has Stiff Competition In Brazil: Stablecoin Leads With 80% Of Transactions
Portfolio Pulse from Khyathi Dalal
Brazil's revenue service agency reports that 80% of all cryptocurrency transactions in the country are done in stablecoin Tether (USDT), with transaction volumes reaching around $55 billion as of mid-October, almost double the volume of Bitcoin. The country's government has been tracking crypto-related activities since 2019 and recently passed legislation recognizing cryptocurrencies as 'financial assets' for tax purposes in foreign investments. Brazil's largest digital bank, Nubank, announced in May 2022 that users can now purchase and sell Bitcoin and Ether on its platform.
October 30, 2023 | 6:24 pm
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Brazil's largest digital bank, Nubank, announced in May 2022 that users can now purchase and sell Bitcoin and Ether on its platform.
Nubank's decision to allow users to trade Bitcoin and Ether on its platform could potentially attract more customers and increase its revenues, which could have a positive impact on its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tether (USDT) is the most traded cryptocurrency in Brazil, with transaction volumes reaching around $55 billion as of mid-October, almost double the volume of Bitcoin.
The high volume of Tether transactions in Brazil indicates a strong demand for this stablecoin in the country, which could potentially drive its price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100