Brazil’s Crypto Inflows Reach $90B Amid Growing Stablecoin Usage
Brazil's Central Bank chief, Gabriel Galipolo, noted a significant rise in cryptocurrency usage over the past two to three years, with 90% of trading volume associated with stablecoins. He raised concerns about taxation and money laundering related to crypto.
Key facts include:
- Brazilians deposited approximately $90B in digital assets from July 2023 to June 2024, ranking second in Latin America after Argentina's $91B.
- The global stablecoin transfer volume reached $27.6 trillion in 2024, surpassing Visa and Mastercard combined.
- The stablecoin market cap exceeded $200B, growing by $37B since Trump's appointment as President.
- USDT deposits rose to $43B, marking a 41% increase in three months.
The meme coin market saw a growth of 500% in 2024, climbing from $20B to $120B. The token $TRUMP was launched and quickly reached a market cap of $75, making it the fourth largest cryptocurrency.
This surge in stablecoin volume suggests increased liquidity in crypto markets, potentially indicating an upcoming rally. The influx of new traders highlights the growing demand for reliable crypto wallets.