Stablecoins Surpass Bitcoin in Brazil as Demand Hits $14.7B

Demand for cryptocurrency assets in Brazil reached $14.68 billion in the first half of 2026, a 135% increase from $6.24 billion in H1 2025, according to the Central Bank of Brazil.

Dollar-pegged stablecoins accounted for over 90% of purchases in that period and overtook bitcoin as the most used crypto asset in on-chain transactions processed by registered virtual asset service providers (VASPs).

The central bank’s external sector statistics capture volumes processed by registered VASPs. Monthly flows showed higher activity: June 2026 recorded $2.54 billion in crypto purchases versus $1.48 billion in June 2025. In May 2026, Brazilians bought about $2.632 billion in stablecoins, a 158% rise over May 2025.

Central bank data indicate that stablecoins are being used widely as a dollar proxy for domestic payments and cross-border transfers. The report attributes most of the growth in crypto volumes to these dollar-pegged tokens rather than to volatile cryptocurrencies.

Regulatory changes will take effect next year. From January 2027, the central bank will classify VASPs as Class 3 entities, subjecting them to the same registration and reporting requirements as securities brokerage, securities distribution and foreign exchange brokerage firms. The new rules aim to give regulators clearer information on the destination and uses of crypto assets moving through the financial system.

The federal government considered a 3.5% levy on stablecoin transactions but postponed the proposal as the administration shifted focus to the election period.

Fernando Rocha, head of the central bank’s statistics department, noted: “The crypto asset market is relatively new, not so new anymore. It is still expanding, both in Brazil and around the world. It is consolidating and discovering applications and uses.”

The central bank said its current statistics cover only transactions handled by registered providers and do not capture all market activity. Officials expect the 2027 classification and reporting regime to improve visibility over where crypto assets are sent and how they are used.