Brazil's central bank has banned electronic foreign exchange providers from using stablecoins, bitcoin, or other cryptocurrencies to settle overseas remittances.
The new rule, effective October 1, updates regulations for Brazil's digital international payment system. Payments between a provider and its foreign counterpart must now move through a traditional foreign exchange transaction or a non-resident real-denominated account.
The measure specifically targets companies like Wise, Nomad, and Braza Bank that built stablecoin settlement into their cross-border flows. Individual crypto investors are not affected and can still buy, sell, and hold assets through authorized providers.
Brazil's crypto market processes $6 billion to $8 billion monthly, with stablecoins making up 90% of volume. The country ranked fifth globally in crypto adoption in 2025. About 25 million Brazilians hold or transact in crypto.