Data reveals that Brazilian institutions hold a significant amount of crypto.
Receita Federal do Brasil (RFB), also known as the Federal Revenue of Brazil, a revenue service agency and a secretariat of the Ministry of the Economy, has recorded a growth of institutions holding crypto.
According to the news report shared by the local crypto portal Livecoins, during August, RFB identified 12,053 organizations that declared their crypto holdings on balance sheets. Compared to July, the number grew by 6,1% from 11,360.
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The news report highlighted that its the highest number of companies with crypto holdings to date.
RFB identified that Brazilian companies were mainly holding Bitcoin (BTC) and Tether (USDT). The data shows that, in August, more than 2.1 million transactions were made using BTC. Whereas USDT was used in 79,836 operations worth more than $7.4 billion.
However, based on the report, the use of other stablecoins has dropped significantly. In July, the United States dollar-pegged stablecoin USDC was 3rd, taking into account the value of its transactions, whereas in August, it fell to 5th position.
Among other popular cryptocurrencies, Brazilian institutions were keenest on using Ethereum (ETH), Brazilian Digital Token (BRZ), Decred (DCR), Chiliz (CHZ), Ripple (XRP), Cardano (ADA), Solana (SOL).
Shifting the view from institutional crypto holders, the number of individual cryptocurrency holders in Brazil has decreased. Based on the report, in August, 1.3 million Brazilians revealed that they were holding crypto.
Moreover, the total value of declarations has also declined. In July, the total amount of crypto declarations was valued at $3.4 billion. In August, RFB recorded a value of $2.1 billion (around 11 billion Brazilian reals).
August was quite a significant month for crypto in Brazil. A Brazilian payment and wallet app PicPay launched its crypto exchange allowing users to buy, sell and store their cryptocurrency. Moreover, a crypto wallet and brokerage service firm Ripio rolled out prepaid Visa crypto cards to pay for everyday purchases and receive 5% cashback in Bitcoin (BTC).
