The popularity of stablecoins is growing in tandem with the rise of Bitcoin and other cryptocurrencies. The stablecoin market is gaining momentum in emerging economies such as Brazil and other Latin American countries.
We can say that Tether USDT, USD Coin and other stablecoins are quietly dollarizing the Brazilian economy using crypto assets backed by the US dollar.
These countries have a long history of inflationary crises that have led to hyperinflation. For example, in just one year, the Brazilian real fell by about 25% against the US dollar.
Because of this, investments in real estate, gold and dollars have become especially popular. Stablecoins as a new asset class have also become one of the most useful tools.
It is no surprise that the market value of this sector now exceeds $200 billion, with so-called dollar stablecoins being the most in demand in Latin America.
Data from Brazil's Federal Tax Service showed that 2024 million people conducted digital asset transactions in July 4,1. USDT accounted for more than 90% of these.
USDT dominated cryptocurrency and stablecoin -transactions in Brazil with a total volume of R$37,1 billion, representing 81% of the total amount of cryptocurrency and stablecoin trading in the first quarter, the CEO noted. Tether Limited by Paolo Ardoino.
While Brazilian banks are still trusted as safe havens for money, the number of citizens using USDT is growing. That’s why partnerships like SmartPay with Tether , which provides access to USDT at more than 24 ATMs across the country, is so important for residents who prefer to use tokens Tether to pay bills or goods and services through the Pix service.
