Brazil recorded the highest number of companies and institutions that declared ownership of cryptocurrencies in August. The figures, which came directly from the Brazilian Tax Agency (RFB), show that more and more institutions are eagerly buying cryptocurrencies, and also that the largest amount is moving with the Tether stablecoin usdt.
Institutional investors in Brazil are now holding more crypto
In Latin American countries, financial institutions are attracted to holding crypto due to the unique problems of their economies. Recently, the Brazilian Tax Agency (RFB)recorded a record increase in the number of these institutions declaring ownership of some type of cryptocurrency. This number corresponds to the August statement, which indicates that more than 12,000 Brazilian companies have acknowledged that they own crypto as part of their national treasury.
This indicator was up from the number of companies that declared having crypto in July (11,360). However, individual statements registered 35,000 statements less in August, recording a slowdown compared to July. However, the index is still high, with more than 1,300,000 individuals declaring that they have some crypto as part of their assets.
The Brazilian Tax Agency (RFB) informs the market every month about the movement in the number of mandatory statements on crypto ownership, giving a glimpse into the evolution and direction of the market.
USDT Still King
USDTis a dollar-pegged stablecoin issued by Tether, USDT is the most used token in the country, at least in terms of value moved 36} and more than $1.4 billion has been moved using it: in August, more than $1.4 billion USDTwas moved in 79,836 operations, averaging almost $18,000 per operation.
Bitcoin, however, has wonUSDTbeat USDTwhen comparing the number of transactions made during the same period: during August, more than 2.1 million transactions were made usingBTC; more than 2.1 million transactions were made using BTC; more than 2.1 million transactions were made using BTC; more than 2 million transactions were made using BTC; more than 2 million transactions were made using BTC; and more than 2 million transactions were made using BTC
. However, the amounts involved were much smaller, with an average value of nearly $130 per transaction. BRZ, Brazil’s first real-pegged stablecoin, has also recorded significant movement, along with ETHand USDCETHand USDC, another dollar-pegged stablecoin.
These numbers indicate that the cryptocurrency market is growing at an accelerated pace in the country, given that in July the Brazilian Tax Administration registered a record number of personal cryptocurrency ownership statements. As a result, many fintech companies such as Picpay and Nubank, as well as traditional banks such as Santander, have announced their intention to include cryptocurrency services as part of their portfolios.
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