- USDT’s popularity in Brazil surpassed BTC and other cryptocurrencies.
- However, USDT failed to compete with USDC in terms of volume.
Tether [USDT] has seen a huge spike in its dominance in recent months. Now, Brazil’s tax authorities have reported that USDT trade has grown in the LATAM region since 2021.
Rising popularity
As of mid-October, Brazil’s total USDT trading in 2023 was about $54.5 billion, almost twice that of Bitcoin. [BTC] trading numbers in the same time.
The fact that USDT trading in Brazil increased so quickly is important. This showed that more people in Brazil were using this type of cryptocurrency for trading and transactions.
This is largely a sign of the growing interest in cryptocurrencies in Latin American regions.
Source: gov.br
Some setbacks
Despite USDT’s dominance, there have been some concerns about its link to illegal activities. Organizations such as Hamas and other North Korea-affiliated groups reportedly used USDT to transfer funds.
However, Tether recently took action against illegal activities in Israel and Ukraine by freezing 32 accounts containing $873,118.34. They joined forces with the NBCTF in Israel to combat cryptocurrency-related terrorism and warfare.
Tether actively worked with 31 agencies in 19 places to freeze $835 million in assets. Most of the frozen money was related to theft, such as blockchain and exchange hacks, while a smaller portion was related to other crimes.
Tether responded to concerns about cryptocurrency misuse and emphasized their commitment to compliance and transparency. They emphasized the importance of accurate information and welcomed fact-based research.
They also stated that their mission revolves around responsible and ethical use of stablecoins, setting industry standards for integrity and security.
Tether Strengthens Stand Against Terrorist Use of Crypto and Urges Governments to Check Mainstream Media’s Misinterpretation of Data
Read more
https://t.co/ZMDVdRvuGK
— Tether (@Tether_to) October 26, 2023
Looking at the data
Although USDT had the largest market capitalization, trading volume did not grow that much. Data from Dune Analytics showed that USDC accounted for 47.9% of all stablecoin trading. USDT came in second place.
Both stablecoins saw a decline in network growth. This meant that fewer new addresses became involved in these stablecoins in recent days.
Source: Santiment
