Receita Federal, Brazil’s tax agency, said stablecoins represented about 80% of declared cryptoasset buy-and-sell value in 2025, but those figures do not identify which blockchains were used.
The agency counted about R$1.58 trillion in declared crypto purchases and sales from August 2019 through December 2025. Stablecoins accounted for roughly R$1.13 trillion, or 71.7%, over that period. Tether (USDT) made up 88.7% of the stablecoin volume across those years, rather than in 2025 alone.
The tax figures measure the value of reported operations, not the number of transactions. They identify the assets involved but do not rank the networks used to move them.
A separate analysis by Dune found Ethereum handled $45.4 billion, about 75%, of transfers into and out of tracked Latin American exchange wallets from January 2021 through July 2025. Tron followed at $12.38 billion and Polygon at $1.1 billion. Dune described Tron as a low-cost network for USDT transfers.
That ranking covers exchange-wallet transfers, not trades recorded within exchanges. It also covers Latin America rather than South America alone. Dune’s published comparison does not provide a comparable regional total for Solana.
The Solana Foundation said Solana processed $650 billion in stablecoin transactions worldwide in February 2026. That global, one-month figure cannot establish Solana’s place in Dune’s regional ranking, which spans several years and measures a different type of activity.
Chainalysis estimated that Latin America recorded $593.8 billion in crypto activity from July 2025 through June 2026, up 9.8% from the preceding year. It put Brazil’s total at $252.5 billion and Argentina’s at $88.5 billion. Those figures cover overall crypto activity, not individual blockchains. Ben Reid, global head of stablecoins at Bitso, cited inflation, currency volatility and capital controls in several countries as drivers of demand in comments published by Chainalysis.
Brazil’s separate DeCripto tax-reporting system covers transactions from July 2026. Under Banco Central do Brasil’s Resolution 574, institutions authorized in the foreign-exchange market must report specified virtual-asset operations dated Nov. 3, 2026, onward. The information is due by the fifth day of the following month.
