Brazilian regulators recently updated the crypto asset declaration data (disclosed in September), after a hiatus 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 a trading volume of approximately 15.7 billion reais, nearly six times the Bitcoin trading volume of about 2.46 billion reais. 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.