"USDT Dominates Brazil's Crypto Market with 80% Transaction Share in 2023"
Tether (USDT) has become the dominant cryptocurrency in Brazil, accounting for 80% of all crypto transactions in the country in 2023. The volume of USDT transactions, totaling $271 billion Brazilian reais (~$55 billion), has surpassed that of Bitcoin (BTC), which amounted to $151 billion reais (~$30 billion). The Brazilian tax agency tracks crypto activities using AI and network analysis, and recently passed legislation to tax crypto investments held by citizens overseas. Crypto exchanges like Coinbase and Binance operate in Brazil alongside local players.