Federal Revenue surveys, carried out monthly since 2019, indicate significant growth in the use of stablecoins. These cryptoassets, called stable currencies in the literal translation into Portuguese, unlike other competitors, usually maintain a parity with some real currency, with a basket of currencies or with other assets such as commodities, for example. This characteristic makes them more stable in value and expands the possibility of their use as a means of payment.
Among the stablecoins, the cryptocurrency called Tether stands out, which in the period observed by the tax authorities was traded at an accumulated level exceeding R$ 271 billion, almost double the volume of Bitcoin in the same period (more than R$ 151 billion).
This growth caught the attention of the Federal Revenue Service, which has been following this expansion that already generates trillions of dollars around the world. Currently, there are thousands of cryptocurrencies, each with its specific uses.
In Brazil, tax data indicates that the most traded stablecoins are USDT (Tether) and USDC, both with parity with the US dollar, in addition to BRZ, which has parity linked to the Brazilian real.
From the analysis of public data it is possible to observe a significant change in the profile of transactions involving cryptocurrencies in recent years. The trading of Bitcoin and other cryptocurrencies has been largely overtaken by the movement of stablecoins like Tether.
The Federal Revenue system makes use of modern data processing techniques, artificial intelligence and complex network analysis. This tool has just gained new functionality designed to represent relationships between operators, which should facilitate analysis in the search for tax irregularities.
Source: Federal Revenue of Brazil
