Brazilian regulators recently updated the crypto asset declaration data (latest disclosure in September), after a pause of about three months. This data reveals several interesting signals — a total of 4.58 million individuals and 92,000 enterprises participated in crypto transaction declarations that month. Although this is a decline compared to August, the level of participation remains quite significant.

Looking at the transaction structure, the status of stablecoins remains unshakable. USDT leads with approximately 15.7 billion reais in trading volume, nearly six times the roughly 2.46 billion reais in Bitcoin trading volume. What does this indicate? In actual trading, user demand for stablecoins far exceeds expectations — whether as a hedging tool or trading counterpart, the practicality of stablecoins has deeply penetrated the crypto ecosystem in South America. While Bitcoin, as a flagship asset, receives considerable attention, its share in daily trading activities is relatively small. This contrast warrants careful consideration from market participants.