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Purchase of 'crypto dollar' out of the reach of IOF grows in Brazil, research shows
Investments in stablecoins have also increased in other Latin American countries
Lucas Gabriel Marins
08/11/2025 09:00 • Updated 3 days ago
Brazilians have increasingly invested in stablecoins – cryptocurrencies linked to traditional market assets, such as the dollar. This is shown in the fourth edition of the Crypto Panorama report in Latin America, prepared by the financial services platform Bitso and released this Monday (11).
These digital currencies, known in the market as 'crypto dollar', accounted for 35% of purchases in Brazil in the first half of 2025. The data shows an advance compared to the previous edition of the report, released earlier this year, when the index was 26%. Among the most purchased stablecoins on the exchange are USDC (24%) and USDT (11%).
The increase, also seen on other platforms operating in Brazil, coincides with the period when the federal government announced an increase in the rates of the IOF (Tax on Financial Transactions).
Because they are not considered foreign exchange instruments by Brazilian legislation, stablecoins are exempt from the tax – and have been used by Brazilians as a faster and cheaper way to send money abroad.
🚨At the end of 2024, however, the Central Bank opened a public consultation on the regulation of services with virtual assets in the foreign exchange market. Experts believe that the proposal could change the current understanding and allow the collection of IOF on these operations in the future.🚨
Latin American Preference🚀
The increase in the use of stablecoins is not limited to Brazil. The report also points to growth in the purchases of these cryptos in countries like Argentina, Colombia, and Mexico – all markets where Bitso operates. Throughout Latin America, the share of stablecoins reached 46% of purchases in the first half, up from 39% recorded in 2024 and 30% in 2023.
In Brazil, Mexico, and Colombia, USDC leads among the most purchased. In Argentina, however, the preference is for USDT, which accounted for 78% of purchases in the semester. According to Bitso, USDT is more used in the country due to intense arbitrage activity in the local market.
And Bitcoin?
Despite the expansion of stablecoins, Bitcoin (BTC) remains the main asset in investors' portfolios. The performance of the crypto in the first half boosted the movement. In July, the crypto asset renewed its historical maximum, surpassing US$ 123 thousand.
