The recent increase in the IOF (Financial Operations Tax) rates announced by the Ministry of Finance — which in some cases went from 0.38% to up to 3.5% — drew attention to the high cost of financial transactions in Brazil, especially those involving currency exchange. The change impacts consumers and companies engaged in international transactions, from overseas purchases to payments and remittances in foreign currency.
This scenario rekindles the debate about the efficiency and costs of the traditional banking system. In addition to the IOF, foreign exchange operations often involve high spreads, which can range from 1% to 7% over the reference rate (PTAX), mainly in small volumes — a common reality among consumers and small businesses.
In this context, interest in digital alternatives, such as thestablecoins— cryptocurrencies usually paired with fiat currencies like the dollar. This is what explains Bárbara Espir, Country Manager of Bitso in Brazil. USDT (Tether) and USDC are examples of dollar-backed stablecoins that are widely used, including in Brazil, to send and receive funds, protect assets against the devaluation of the real, and even make international payments.
Because they are based on blockchain, a traceable technology available 24/7 and that does not require intermediaries during the validation process, transactions withstablecoinsThey tend to be faster, with often instant liquidation, cheaper, and when traded as an investment, they are exempt from IOF. Additionally, platforms that facilitate the buying and selling of these digital currencies, such as Bitso, often charge more competitive fees, ranging from 0.1% to 0.5% compared to traditional exchange rates, and also offer additional benefits such as yields similar to those obtained by investing in American government bonds.
Central Bank data shows that in 2024, Brazil recorded $18.2 billion in crypto asset imports, highlighting the growing adoption of these technologies as a means of access to the global market and financial protection. The movement is especially relevant for small and medium-sized enterprises (SMEs), which face tighter margins and difficulty accessing credit in the traditional system — according to theSebrae88% of them cannot obtain financing from banks due to lack of guarantees.
This movement reinforces the search for more efficient alternatives to traditional exchange rates, both economically and operationally. In an environment where the cost of international transactions increases, solutions such asstablecoinsThey offer simplicity, transparency, and more democratic access to the dollar," complements Bárbara.
With a regulatory environment still evolving but with increasing adherence, thestablecoinsthey are consolidated as a promising tool to reduce costs, increase exchange rate predictability, and make the use of hard currency more accessible, especially in times of tax uncertainty.
