Why Brazilians Are Turning to Stablecoins Like Tether

Why Brazilians Are Turning to Stablecoins Like Tether
Amid record inflation and a constant devaluation of their local currency, Brazilians are turning to cryptocurrencies and, in particular, stablecoins as never before.According to Receita Federal, the Brazilian tax authority, between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020. Stablecoins also traded $10.8 billion in bitcoin last year.The stablecoin boom in Brazil goes back to at least 2020, when different crypto exchanges began to notice that Brazilian stablecoin traders were quadrupling in number.Rising inflation is one of the factors that drove the phenomenon of stablecoin purchases. In 2021, the nation’s…