Record Number of Brazilian Companies Holding Crypto – Bitcoin and Tether Lead Adoption

cryptonews.com:

The number of companies in Brazil holding cryptoassets hit an all-time high in August, with bitcoin (BTC) and tether (USDT) standing at the top of the adoption list.

Per the local media, Receita Federal do Brasil (RFB), or the Federal Revenue of Brazil, which is the country’s tax authority, recorded 12,053 organizations that declared cryptoassets on their balance sheets in August this year.

In July, there were 11,360 companies recorded, making this a 6.1% rise in August. Furthermore, the highest previously recorded number (provided in the report) was 11,797 seen in June – which means that August saw a 2.2% increase in the number of these organizations since then.  

Furthermore, the taxation authority stated that the most popular cryptoassets held by institutions are BTC and the stablecoin USDT.

USDT saw the most value transacted, with over R$7.4 billion ($1.43 million) moved in August. It also saw 80,000 transactions that month.

BTC was second with almost R$1.43 billion ($274.3 million) transacted. However, BTC sits in first place when it comes to the number of transactions – recording more than 2.11 million of them.

USDT’s average transaction was R$92,768 ($17,840), while BTC’s was much lower at R$674 ($130).

Ethereum (ETH) sits in third place, recording R$580.97 million ($111.73 million) in August, as well as 1.2 million transactions with R$484 ($93) on average per transaction.

Despite tether occupying the first place per the value transacted, the report noted that there was actually a visible drop in the use of stablecoins, such as USD coin (USDC), which fell from the 3rd place it occupied in July to the 5th in August. Ethereum and Brazilian Digital Token (BRZ) climbed ahead of it.

Furthermore, BUSD dropped out of the top 10