Brazil stablecoin demand jumps 158% y/y to $2.6B in May

The Central Bank of Brazil reported on June 26 that Brazilians purchased $2.632 billion in stablecoins in May 2026, a 158% increase from $1.019 billion in May 2025. Through May, total digital asset purchases reached $12.138 billion, up 155% year over year.

Stablecoin flows were nearly steady month to month, falling 2.8% from April to May, while overall purchases through May represent about 72% of Brazil’s total crypto purchases for all of 2025, when purchases totaled $16.939 billion.

The Central Bank noted that a sizable portion of the increased volume reflects institutions buying crypto abroad to serve Brazilian customers rather than activity concentrated on domestic exchanges.

Stablecoins made up the largest share of May’s flows. In several Latin American markets, including Venezuela, Bolivia and Argentina, these tokens are commonly used as a dollar proxy.

Policy discussions have followed the volume increase. The Lula administration proposed extending a financial tax to stablecoin transactions that mirrors taxes on other financial flows, but delayed implementation while concentrating on the October 2026 general election.

Regulators have also considered classifying stablecoins as electronic money. Abcripto, the national crypto association, opposed that classification, arguing it would create legal obstacles and reduce adoption and pointing to similar effects after related European rules.

No new permanent rules on stablecoin taxation or legal classification have been enacted. Central Bank data show growing demand for dollar‑pegged tokens and other digital assets in Brazil through May 2026, even as the global crypto market remains under pressure.