Brazilians Buy $6.8B in Stablecoins in Q1

Brazilians purchased $6.8 billion in stablecoins in the first quarter of 2026, representing 98% of the $6.9 billion in cryptocurrency bought abroad during January through March, the Central Bank of Brazil reported. The total more than doubled compared with the same period in 2025.

Stablecoins are digital tokens pegged to fiat currencies. The central bank’s data show most purchases were of dollar‑linked and other fiat‑backed tokens used for payments, cross‑border transfers and business-to-business transfers. Market figures for retail crypto volume put Brazil among the largest markets globally, with $40.4 billion in retail crypto activity recorded in Q1 2026.

Regulatory and tax factors affected flows. Stablecoin transactions are not currently subject to the financial taxes that apply to traditional currency movements, and President Luiz Inácio Lula da Silva suspended plans to tax stablecoin purchases and remittances ahead of the presidential election cycle.

Fernando Rocha, head of statistics at the central bank, commented: “We are working with the scenario that throughout the second semester, we will receive, process, and validate this information, and we can have a more robust set of data on external sector transactions for crypto assets.” He said the bank expects clearer and more complete figures once new reporting requirements for crypto exchanges are implemented.

The central bank’s Q1 snapshot covers crypto purchases executed abroad by Brazilian residents, which can include onshore clients using foreign exchanges. Officials plan to reconcile external transaction data with onshore activity as exchange-level reporting takes effect.

With the planned tax proposal on hold and exchange reporting pending, authorities and market participants will monitor whether stablecoins continue to account for the bulk of Brazilian crypto purchases into the second half of 2026.