According to data from the Brazilian Federal Revenue Service, the usage of USDT has significantly increased in the country, with its trading volume far surpassing that of all other cryptocurrencies. Currently, 80% of cryptocurrency transactions are related to USDT, with a trading volume exceeding 2,710 Brazilian reals (approximately $54 billion), which is twice the trading volume of Bitcoin (approximately $30 billion). The Federal Revenue Service stated that with the significant increase in the usage of USDT in the country, it may have a significant impact on digital asset taxation and regulatory environment, as well as additional legislation for the digital asset industry.
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The adoption rate of USDT in the Brazilian market accounts for 80% of total crypto transactions, exceeding US$54 billion.
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