In Brazil, which is struggling with high inflation, the transaction volume of stablecoin Tether (USDT) has almost doubled that of Bitcoin (BTC).
Brazilian tax office Receita Federal shared a remarkable report about cryptocurrencies. The report revealed that there has been a rapid increase in cryptocurrency transactions since 2021, and it was stated that USDT took the lead.
in brazil year 2023 All cryptocurrency transactions made within 80% USDT created. Trading volume of USDT $55.5 billion while being recorded as 2. next 30 billion dollars Bitcoin took the first place in terms of transaction volume. Ripple (XRP) is approximately $5 billion by hosting transaction volume 3. happened.
According to the report, it is the 2nd most preferred stablecoin by the Brazilian population. USD Coin (USDC) while in third place is the stablecoin version of the country’s local currency. BRZ took place.
Cryptocurrency transaction volume in Brazil 2021 from year 2023While it increased significantly in the period up to Another rising factor was inflation. The inflation rate in the country will only increase in 2021 %2 around the end of 2022 to 12% level had reached.
According to the detailed explanation provided with the report, USDT transaction volume 2021 It has been on the rise in Brazil since 2017. But in July 2022 Three Arrows Capital (3AC) And Voyager Capital’s after the collapse first time USDT transaction volume surpassed Bitcoin.
Until now, stablecoins such as USDT have been among the first choices of societies especially at risk of high inflation. As a similar example, companies struggling with high inflation Argentina And in venezuela They are recorded as countries that allocate a large portion of their market shares to USDT transactions.
According to the data, the bear season, which has been going on for about 2 years, increased the cryptocurrency transaction volume in the country last year. 25% reducing to 31 billion dollars dropped it.
