Brazil's Crypto Market Reaches 505.5 Billion Reais in 2025 as Banks Expand Services

Brazil's crypto market reached 505.5 billion reais in 2025, or about $98.7 billion, more than five times the 94.9 billion reais recorded in 2020. Corporate transactions accounted for 497 billion reais, or 98.3% of the total reported by Brazil's Federal Revenue Service, while individual investors made up the rest. According to Odaily, Itaú offers 15 crypto assets through its investment app, including Bitcoin, Ethereum and the USDC stablecoin, while Nubank lists 28 crypto assets and Banco do Brasil has processed more than 11 million reais in trading volume since opening direct Bitcoin and Ethereum trading in January. Brazil's central bank said in filings through March 2026 that the country's banks do not hold virtual assets on their own balance sheets, but may custody and process crypto assets on behalf of clients. Since 2025, Itaú, Bradesco, Santander, Banco do Brasil and Nubank have all expanded their crypto services. Brazil passed its Virtual Assets Legal Framework in 2022 and issued three regulatory resolutions in November 2025 requiring firms that provide crypto trading, custody or transfer services to obtain licenses, meet minimum capital requirements and separate client accounts by October 30, 2026. Banco Safra issued the dollar-pegged stablecoin Safra Dólar in September 2025 and self-custodies it.