Stablecoin is one category of cryptocurrencies that are not affected by crypto’s price volatility. According to recent market data, 50% of the Brazilian Real (BRL) volumes involve a stablecoin.
The recent development poses an impressive figure about the usage of stablecoins in Brazil, especially as only 5% of the BRL volume involves USD directly.
Further, BUSD and USDT are the top stablecoins in use by Brazilians. In Brazil, stablecoins are seen as an excellent way to protect savings from inflation.
Brazil’s Real continues to struggle to hold its value as inflation, coupled with the global economic crisis, continues to hit hard on the South American country. In June, the inflation rate grew to 9.704%, the highest in 2022. The struggle against inflation in Brazil caused the Real to weaken against the U.S. dollar.
Brazil has been one of the nations of the world that has embraced the growth of cryptocurrency.