BRZ once again took the lead as the most traded Brazilian stablecoin in the country. According to IRS data compiled by CoinTelegraph, the stablecoin developed by Transfero Swiss exceeds R$ 661.6 million in trades in the 12 months to August.
Of this total of operations with BRZ, August accounted for more than R$ 115 million of stablecoin’s negotiations. The figure represents a significant increase from the R$ 75.1 million in July — more than 50%
Stablecoins are backed by cryptocurrencies. This ballast can be a national currency or even a digital asset. Therefore, they are more stable than ordinary digital currencies and protect investors from common market volatility.
Brazil: crypto market is billionaire, but still small
In all, between August 2019 and August 2020, Brazilians have traded more than R$ 114 billion in cryptocurrencies.
The publication points out that, although billionaire, the figure of the Brazilian market is still small in comparison with that of other countries. At the time the text was written, CoinTelegraph compared the value of Brazil’s trades with the value of operations on the Binance platform. Using the quotation of that day, the R$ 114 billion In Brazil amounted to about US$ 25.86 billion. On the other hand, the value of operations at Binance in just 24 hours exceeded US$ 4.34 billion.
XRP vs bitcoin
Among the stablecoins in general, in the first place still appears the USDT, tether. In the last 12 months, transactions with the digital currency backed by dollar have been more than R$ 8.45 billion.
But among all cryptoassets, XRP and bitcoin are in a clash. And perhaps the numbers indicate that bitcoin will lose the crown of leading cryptocurrency. This is because, although it adds up to the highest volume of trades in 12 months, bitcoin loses when analyzing only the 2020 numbers.
In the 12 months to August the bitcoin totaled R$ 49.3 billion. Meanwhile , XRP was just behind, with 48.65 billion. However, in 2020, Ripple’s cryptocurrency had R$ 10 billion more in trading than Bitcoin: R$ 37.89 billion, against R$ 27.1 billion.