Stablecoins Eclipse Bitcoin in Brazil as Demand Hits $14.68B

Brazil’s cryptocurrency market experienced record growth in the first half of 2026, with total demand for digital assets reaching $14.68 billion, according to a report from the Central Bank of Brazil. This represents a 135% increase compared to the same period in 2025, when Brazilians purchased $6.24 billion in crypto assets.

The statistics, which cover volumes transacted by registered virtual asset service providers (VASPs), show that adoption has accelerated, particularly in June 2026, when $2.54 billion in crypto was purchased compared to $1.48 billion in June 2025. In May 2026, stablecoin purchases alone reached nearly $2.632 billion, a 158% increase year-over-year.

Fernando Rocha, head of the Bank’s Statistics Department, said the numbers indicate consolidation in the national crypto market, which has moved past its initial phase. “The crypto asset market is relatively new, not so new anymore. It is still expanding, both in Brazil and around the world. It is consolidating and discovering applications and uses,” he told Valor Economico.

The surge is driven primarily by dollar-pegged stablecoins, which now account for over 90% of crypto demand. Stablecoins have become essential proxies for payments and cross-border settlements, eclipsing bitcoin and other volatile cryptocurrencies that once dominated the market.

The increased use of stablecoins has prompted the Brazilian government to consider a 3.5% levy on all stablecoin transactions, although this proposal was delayed as the current administration shifts into election mode.

Rocha noted that the central bank’s view of the national crypto ecosystem is limited by current statistical data. Starting in January 2027, a new regulatory regime will classify VASPs under Class 3, requiring them to comply with the same requirements as securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms. This change aims to improve oversight and allow the central bank to track the destination of these assets more effectively.

The report underscores Brazil’s position as the largest economy in Latin America and highlights the growing integration of stablecoins into the financial system.

Source: https://news.bitcoin.com/crypto-news/stablecoins-eclipse-bitcoin-in-brazil-as-demand-hits-14-68b/