The number of companies in Brazil that have crypto on their balance sheets reached a new all-time high in August. That record was set at a time when confidence in crypto has increased and inflation is rampant.
12,053 companies with crypto
In the Netherlands it is almost unthinkable at the moment, but in Brazil 12,053 companies have according to the local tax authorities have crypto on the balance sheet. That is an increase of 6.1 percent for the month of August compared to July, because at that time there were 11,360 companies. Bitcoin is the most popular crypto, followed by Tether (USDT), which they probably want to use to escape inflation via the dollar.
The number of individual Brazilians with crypto has decreased from July to August. In total, 1.3 million Brazilians now own crypto. Compared to a total population of 212.6 million inhabitants, this is about half a percent. In terms of adoption rate, it is still a bit disappointing in Brazil, although the adoption in the corporate sphere is again very impressive.
Most transactions with Tether
Most transactions in Brazil took place with Tether, the stablecoin accounted for a volume of $1.42 billion. In total, there were 80,000 transactions, making an average transaction worth about $17,500. Bitcoin was in second place with a volume of $270 million, but before that clocked 2.1 million transactions. This brought the average to about $130 per transaction.
The great interest from Brazil in crypto stems from the relatively high inflation. In April this year, inflation touched 12.1 percent, the highest level in 26 years. However, this has now cooled down to 8.7 percent, which is already a lot lower than the 14 percent that we now deal with in the Netherlands.