Stablecoins Drive Brazil’s $14.7B Crypto Surge

Brazil’s central bank data show purchases of cryptocurrency by residents routed through registered virtual asset service providers reached $14.68 billion in the first half of 2026, up 135% from $6.24 billion in H1 2025. Activity was particularly strong in June 2026, when purchases reached $2.54 billion compared with $1.48 billion in June 2025.

Stablecoins were the dominant asset class. In May 2026, nearly $2.632 billion in stablecoins was purchased, a 158% increase from May 2025.

The statistics record volumes routed through registered VASPs and do not capture over-the-counter or unregistered flows, so overall activity may be higher than reported.

According to Fernando Rocha, head of the central bank’s statistics department, the figures indicate consolidation in Brazil’s crypto market and that it has moved beyond its initial phase.

In Argentina, two banking holding groups are developing peso-denominated stablecoins aimed at institutional clients. BIND Group, which manages more than $2 billion in assets and owns BIND Banco Industrial, is building a peso stablecoin through its in-house VASP, BEN. The group has also agreed a partnership with a major stablecoin issuer to offer BEN customers institutional access for payments and treasury functions while complying with local regulations.

The Petersen Group plans to issue a peso stablecoin through a subsidiary supported by Lirium, a crypto-as-a-service provider that works with regional banks. The Petersen initiative, called DIPE, has published a whitepaper and targets programmable payment services for banks and corporate clients.

In its 2026 Financial System Stability Assessment, the International Monetary Fund reported that crypto-based cross-border flows have grown steadily since 2017 and now outpace many traditional capital flows. The IMF found that most of those flows are driven by stablecoins and that volumes respond to global investment indexes and to local factors such as exchange rates, interest rates, policy uncertainty and tax changes.

The IMF recommended a clearer regulatory framework to strengthen oversight of crypto channels, especially cross-border stablecoin transactions, and identified gaps in legal protections for customers and in rules on segregation of assets held in custody. The IMF noted steps taken by Brazil’s central bank to regulate the VASP industry and called for further measures.

The reported figures and the Argentine projects document increased use of stablecoins in the region for payments, treasury management and cross-border transfers. The Argentine initiatives are aimed at institutional clients, while the Brazilian data reflect purchases routed through registered service providers.