Brazil’s Surge in Cryptocurrency: The Rise of Stablecoins and Meme Coins
Brazil has seen a surge in cryptocurrency usage, particularly stablecoins, with $90 billion deposited within a year. The global stablecoin market cap has surpassed $200 billion, and Best Wallet Token ($BEST) is gaining attention for its benefits and user growth. Investors are advised to conduct thorough research before purchasing digital assets.
Recently, Brazil’s Central Bank chief, Gabriel Galipolo, announced a significant surge in cryptocurrency usage in the country, particularly over the past two to three years. Notably, 90% of Brazil’s crypto volume is attributed to stablecoins, which are pegged to real-world assets like fiat currencies, thereby exhibiting lower volatility than altcoins. Galipolo expressed concerns about potential issues related to taxation and money laundering resulting from the widespread use of cryptocurrencies.
In the period between July 2023 and June 2024, Brazilians reportedly deposited approximately $90 billion in digital assets, making Brazil the second highest in cryptocurrency deposits in Latin America, closely following Argentina. The global transfer volume of stablecoins reached an astonishing $27.6 trillion in 2024, outpacing the combined volumes handled by major credit card companies like Visa and Mastercard. Furthermore, the stablecoin market capitalization exceeded $200 billion, highlighting a growing liquidity in the crypto market, which could signal the start of a new bull run, driven by stablecoins and the emergence of meme coins, particularly since the pro-crypto Trump took office as President of the United States.
In conclusion, the rising use of stablecoins and the popularity of crypto wallets like Best Wallet App highlight the evolving landscape of digital currencies in Brazil. With substantial user growth and positive market indicators, the potential for tokens like $BEST to become significant players in the market is strong. However, investors are urged to conduct thorough research before making any investments due to the inherent volatility of cryptocurrencies.
Original Source: www.newsbtc.com
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