Brazil recorded the largest number of crypto-owning companies in August. The numbers, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to purchase cryptocurrency, and also indicate that the most significant volumes are moved using Tether’s stablecoin usdt.
Institutions Are Holding More Crypto in Brazil
Institutions are attracted to holding crypto in Latam countries due to their economies’ specific problems. The Brazilian Tax Authority (RFB), recently registered an unprecedented increase in the amount of institutions that have declared ownership of any type of cryptocurrency. The numbers, that correspond to August’s statements, show that more than 12,000 companies in Brazil acknowledge holding crypto as part of their treasury.
This indicator increased from the 11,360 crypto-related companies in July. The August statements of individuals showed a decrease in statements than July’s, with 35,000 fewer statements. However, the indicator remains elevated with more than 1300,000 people declaring that they possess some type of crypto.
The Brazilian Tax Authority (RFB), informs the market each month about changes in the mandatory statements concerning crypto ownership to provide a peek into market direction and evolution.
USDT Still King
USDT, which is a dollar-pegged stablecoin, was issued by Tether and it’s one of the most popular tokens in the country. USDT enabled more than $1.4B in value movement across 79.836 transactions, an average of nearly $18,000 per transaction.
Bitcoin beat USDT in terms of the total number of transactions executed during that time. BTC enabled more than 2.1million transactions in August. It was a much smaller amount than that, with transactions averaging $130. BRZ was the first real-pegged stablecoin from Brazil. USDC is another stablecoin that’s dollar-pegged.
These figures show that Brazil’s cryptocurrency market is growing at an alarming rate. The Brazilian Tax Authority recorded a record-breaking number of individual crypto ownership statements in July. Many fintech firms like Nubank and Picpay, as well as traditional banks such Santander have announced their plans to add cryptocurrency services to their portfolio.
Let us know your thoughts on the record-breaking number of Brazilian institutions that have registered cryptocurrency ownership. Comment below.
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