Brazilians turn stable coins as an alternative to the US dollar to secure themselves against volatility-news

The Brazilians turn to stable coins to protect themselves from the volatility of the economic circumstances. This is now happening in the course of the inauguration of the new government of Luis Inacio "Lula" da Silva. According to the statements of stock market managers, the trading volume of stable coins has risen sharply in 2022, especially in the last two months of the year.

Brazilians use stable coins as a dollar replacement

The popularity of stablecoins in Brazil increases rapidly because investors and companies try to flee into the US dollar in order to secure themselves against the volatility of the investment market. Managers of several stock exchanges have stated that the demand for stablecoins in 2022 gave up and exploded in the last months of the year.

Jose Artur Ribeiro, CEO of Coinext, a national stock exchange, told the local newspaper O’Globo about the advantages that the use of stable coins offers compared to the use of dollars in bank accounts. He specified

Stable coins do not pay administrative or performance fee. If you know how to deal with money, you prefer to leave the administration to yourself. And the stable coin has an absolutely liquid market that works 24 hours a day and reflects the market price.

thaler Freitas, CEO of Bitso in the country, pointed out that the volume of the StableCoin trade in 2022 had grown by 85 % and that the platform had observed a greater interest of the Brazilians in these cryptocurrency assets. He explains that small and medium -sized companies and individuals who go abroad are fueling the demand for stable coins.

Tethers Usdt under the preferred coins

ribebeo added usdt , the stablecoin bound to the dollar was one of the fortune the last general vote recorded a significant increase in his trading volume. The volume of the organ executed grew from 877.5 million in October to 2.381 billion in December and almost tripled.

usdt has consisted consistently to the top of the cryptocurrency systems, as is the result of numbers that are from the Brazilian Tax Authority (RFB) were published that receives reports on transactions from national stock exchanges.

For example, it was more than $ 1.4 billion target = "_ blank" class = "lar-automated-link" href = "https://markets.bitcoin.com/crypto/usdt" rel = "noopener"> usdt over 79.836 operations in August. In October it was almost $ 1.8 billion Wumped Class = "lar-automated-link" href = "https://markets.bitcoin.com/crypto/usdt" rel = "noopener"> usdt in 119.366 operations.

third-party companies have tried to integrate usdt with the traditional payment system in Brazil. In October, Smartpay, a crypto-tech company, with tecban, a provider of ATMAT to produce tether usdt available at 24,000 ATMs throughout Brazil.

What do you think of the Brazilian's interest in stable coins? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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