Crypto Moves R$ 283 Billion in Brazil and Sets Record in the First Half of the Year

The cryptocurrency market in Brazil has reached a new level. According to data from the Federal Revenue released last week, cryptocurrency transactions totaled R$ 283.1 billion between January and June 2026. This is the highest volume ever recorded for a first half since the agency began compiling historical data.

The figure represents a 4.6% increase over the R$ 270.2 billion from the same period in 2025. Compared to the first half of 2024, when transactions amounted to R$ 191.4 billion, the jump is nearly 48%. This data consolidates a growth trajectory that has been accelerating over the past three years, even amid cycles of volatility in the global market.

National Exchanges Drive Trading Volume

The largest share of the total came from exchanges based in Brazil, responsible for R$ 177.6 billion of the total. This amount accounts for 62.7% of all declared operations in the semester, indicating that local infrastructure continues to gain market share against foreign platforms.

Transactions without brokerage intermediation totaled R$ 64.7 billion. Meanwhile, transactions conducted through platforms abroad accounted for R$ 40.4 billion. The growth of national exchanges reflects, in part, the regulatory maturation of the Brazilian financial sector, which has attracted more institutional capital to the segment.

May and June were the strongest months of the period. The movements exceeded R$ 58 billion and R$ 57.5 billion, respectively. These two months alone accounted for about 40% of the total volume for the semester.

USDT Dominates with Nearly 60% of Monthly Volume

Those who follow the Brazilian crypto market already know: the true protagonist here is not Bitcoin. It is stablecoins, and more specifically USDT (Tether), the cryptocurrency pegged to the US dollar.

In June alone, USDT moved R$ 33.96 billion, equivalent to almost 60% of all activity recorded in the month. This data reinforces a dynamic we have already analyzed regarding the role of stablecoins in the national crypto ecosystem: Brazilians use USDT less as a speculative investment and more as a tool for currency protection, international remittances, and operational liquidity for businesses.

This predominance raises relevant questions for regulatory debate. The new legislation for the cryptocurrency market in Brazil, led by the Central Bank, will have to address the treatment of stablecoins, especially considering that they function, in practice, as a parallel currency instrument.

Bitcoin and Ethereum Maintain Relevance, but Lag Behind USDT

Among traditional cryptocurrencies, Bitcoin remains the main reference asset. In June, BTC transactions totaled R$ 2.39 billion. Ethereum reached R$ 417.9 million in the same month.

The numbers, although significant in absolute terms, are modest compared to USDT. Bitcoin represented about 4% of the June volume, while Ethereum was below 1%. This does not mean that these assets have lost importance in the Brazilian investor's portfolio, but rather that the usage dynamics have changed. A significant portion of BTC and ETH trading has migrated to regulated products, such as cryptocurrency ETFs listed on B3, which do not enter this Federal Revenue database.

4.67 Million CPF Numbers Declared Operations in June

The Federal Revenue report also provides a snapshot of the participant base. In June 2026, about 4.67 million CPF numbers and over 107,000 CNPJ numbers were listed in the declared operations. This number represents unique taxpayers who conducted at least one transaction with cryptocurrencies in the month.

The reporting obligation follows the rules of Normative Instruction RFB No. 1,888/2019. Brazilian exchanges must report all operations of their clients to the tax authorities, regardless of the amount. Individuals and legal entities using foreign platforms or conducting peer-to-peer transactions must declare when transactions exceed R$ 30,000 in the month.

It is worth noting that the data may be subject to revisions. The Federal Revenue considers the most recent declarations, including corrections and late submissions, which makes the preliminary numbers subject to adjustments in future reports.

What the Record Means for Investors

Three important insights emerge from the data. First, the Brazilian crypto market continues to expand even in a high-interest environment, suggesting that demand for digital assets transcends the monetary policy cycle. Second, the dominance of stablecoins indicates that practical use, rather than just speculative, is sustaining the sector's growth. Third, the advancement of national exchanges shows that investors are increasingly comfortable operating within the Brazilian jurisdiction.

For investors, the most relevant data may be the composition of the volume. A market where 60% of transactions are in stablecoins is fundamentally different from a market driven by bets on altcoins. This suggests maturity and, at the same time, a demand for regulatory infrastructure that keeps pace with this reality.

The first half of 2026 confirms: crypto has ceased to be a niche in Brazil. It remains to be seen whether regulation will keep up with the pace of the market.