Brazil's Cryptocurrency Market to Reach $98.7 Billion by 2025 as Banks Expand Services Without Own Holdings

Brazil's cryptocurrency market is expected to reach a trading volume of 505.5 billion reais by 2025, approximately $98.7 billion, more than five times the 94.9 billion reais recorded in 2020. Corporate transactions account for 497 billion reais, representing 98.3% of the total, while individual investors make up the remainder. Brazil's largest asset management bank, Itaú, offers 15 types of cryptocurrencies through its investment app, including Bitcoin, Ethereum, and the stablecoin USDC. Fintech company Nubank lists 28 types of cryptocurrencies, and Banco do Brasil has seen over 11 million reais in transactions since opening Bitcoin and Ethereum trading in January. Documents filed with the Brazilian Central Bank indicate that the banking sector does not hold any virtual assets on its own but can manage and process cryptocurrencies on behalf of clients. Since 2025, Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have all expanded their cryptocurrency services. Brazil passed the "Virtual Asset Legal Framework" in 2022 and plans to issue three regulatory resolutions in November 2025, requiring institutions providing cryptocurrency trading, custody, or transfer services to obtain licenses, meet minimum capital requirements, and segregate client accounts, with a compliance deadline of October 30, 2026. Banco Safra will issue a dollar-pegged stablecoin, Safra Dólar, in September 2025, which will be self-custodied by the bank.