Brazil saw an increase in registrations from companies and institutions claiming to hold some cryptocurrencies, aAccording to a recent report of the Brazilian Tax Authority (RFB).

The report showed that more than 12,000 companies in Brazil admit to having cryptocurrencies as part of their income. This is an increase compared to the 11,360 companies confirmed in July.

Although, the number of people who confirmed to own some cryptocurrencies in the same month decreased by 35,000.

the adoption rates are still way up, since more than 1.3 million people registered.

Notably, this information was obtained from the RFB’s mandatory monthly report on cryptocurrency ownership, which provides a brief overview of how the market is doing so far.

Furthermore, the report also revealed that the most significant volumes are moved using the dollar-pegged stablecoin issued by Tether, USDT.

More than $1.4 billion was moved using USDT covering 79,836 trades in August, with an average amount of nearly $18,000 per trade.

However, when comparing the number of transactions executed in the same period, Bitcoin outperformed tether’s USDT, with over 2.1 million transactions made using BTC.

However, one thing worth noting is that the added money involved was much less, averaging around $130 per transaction.

Also, not only USDT and BTC were being adopted. BRZ, the first stablecoin pegged to the Brazilian real, ETH and USDC, another stablecoin pegged to the dollar, also saw unprecedented levels of movement.

While the cause of the adoption of cryptocurrencies in Brazil could be due to the problem facing the country’s economy, which has made stablecoins and dollar-pegged digital assets attractive.

A positive way of looking at it is that it could at least push foreign crypto firms into the region. On Friday, cryptocurrency exchange platform FTX announced its partnership with Visa Inc. to continue expanding its cryptocurrency debit card launches to 40 countries, including several in Latin America.

Also, in August, a leading provider of crypto solutions for US-based businesses, Vibeannounced the launch of its crypto on-demand liquidity (ODL) in Brazil.

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