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Chainalysis: Stablecoins account for 70% of Brazil’s exchange outflows

Author: Content Editor
The use of stablecoins for B2B cross-border payments in Brazil has increased significantly, surpassing Bitcoin in transaction value. Brazil's stablecoin market is thriving, with a year-over-year growth rate of over 42%, making Latin America the second-fastest-growing region in terms of cryptocurrency adoption. Demand for stablecoins is driven by the desire for exposure to the US dollar amid local currency instability. Chainalysis data shows a 207.7% increase in stablecoin transaction value on Brazilian exchanges, outpacing other cryptocurrencies like Ethereum. Despite economic challenges, opportunities for crypto growth remain, especially as regulators become more open to the technology. Stablecoins are expected to continue being a dominant force in Brazil's evolving crypto landscape as exchanges like OKX and Coinbase expand in the country. This demand for stablecoins is not unique to Latin America, with Sub-Saharan Africa also experiencing a significant increase in stablecoin usage due to economic turbulence. In Ethiopia, stablecoin transfers have grown by 180% year-over-year, prompted by a 30% devaluation of the local currency, the birr.

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