According to data from Brazil’s federal tax agency Receita Federal, USDT usage has increased significantly in the country, and its trading volume far exceeds all other cryptocurrencies. As of now, 80% of cryptocurrency transactions are related to USDT, and the transaction volume exceeds 2,710 Brazilian Reals (approximately 54 billion U.S. dollars), which is twice the Bitcoin transaction volume (approximately 30 billion U.S. dollars).
Receita Federal stated that with the significant increase in the use of USDT in the country, it may have a significant impact on the digital asset tax and regulatory environment, as well as additional legislation for the digital asset industry.