Brazil banned crypto and stablecoins inside regulated eFX cross-border payment rails, but the move shows stablecoin adoption is now too large for central banks to ignore.
Brazil received $318.8 billion in crypto value in 2025, nearly one-third of Latin America activity, as stablecoins drove most flows and bitcoin stayed central to the policy debate.
Brazil’s Chamber of Deputies is weighing a relator’s update to PL 4501/2024 that targets a sovereign Bitcoin reserve of at least 1 million BTC in five years.