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Brazilian stablecoin will be traded on more than 20 global exchanges
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The expansion of the BRL1 stablecoin to more than 20 international exchanges was announced during the Criptorama event, promoted by the Brazilian Cryptoeconomics Association (ABCripto), at the Cainvest space, in São Paulo.
Furthermore, the BRL1 consortium confirmed strategic partnerships established in key markets such as Mexico City, San Francisco, Luxembourg, Dubai, Cayman Islands, Singapore, London, Buenos Aires, Taipei and Gibraltar.
These collaborations signal significant advancement in the goal of making stablecoin more accessible to investors and users in strategic regions. BRL1 is the result of a collaboration between companies such as Bitso, Foxbit, Mercado Bitcoin and Cainvest.
The expansion strengthens the cryptocurrency market, offering a stable, secure and highly liquid alternative for international transactions. This initiative represents a milestone in the digital asset sector and global economic integration.
Stablecoin in Brazil
In recent years, Brazil has seen significant growth in the use of stablecoins. Data from the Federal Revenue indicate that, between 2019 and 2023, there was a significant increase in the movement of stablecoins in the country.
The cryptocurrency Tether (USDT), for example, recorded an accumulated volume of more than R$271 billion. This is almost double the volume of Bitcoin in the same period, which was more than R$151 billion.
In the first half of 2023, Brazilians traded R$110.5 billion in cryptocurrencies. Of this amount, R$97 billion was through stablecoins, with emphasis on USDT. This value represents 88% of the total traded in the period, highlighting the predominance of these currencies in the national market.
The IRS has been closely monitoring this growth. The agency uses advanced analysis systems to detect suspicious transactions and ensure tax compliance.
In response to this trend, the Central Bank of Brazil plans to regulate stablecoins by 2025, aiming to ensure greater security and transparency in transactions with these digital assets.
To this end, the BC recently launched the second phase of the public consultation that aims to establish rules for the cryptoactive market.
Brazilian stablecoin will be traded on more than 20 global exchanges
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Brazilian stablecoin will be traded on more than 20 global exchanges
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Brazilian stablecoin will be traded on more than 20 global exchanges
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Brazilian stablecoin will be traded on more than 20 global exchanges
