Tether dominates Brazil's stablecoin activity at 88.7% — while Avenia edges Transfero in local BRL supply

Asked:

"Which are the biggest stablecoin issuers in Brazil?"

Two incomparable rankings answer this. By declared Brazilian buy/sell transaction value (Receita Federal, August 2019 – December 2025), Tether's USDT holds 88.7% — about R$1.0 trillion — and Circle's USDC 7.1%. Among open-access BRL-pegged stablecoins, Avenia's BRLA leads with USD 16.4 million outstanding, just ahead of Transfero's BRZ at USD 15.1 million (report published May 2026). "Issuer" means the company behind the coin, not exchanges or distributors.

Two rankings, two units — do not compare across panels

Left: share of declared transaction value (%). Right: outstanding supply (USD millions). Green = dollar-pegged global issuers by activity; yellow = BRL-pegged local issuers by supply.

The issuers

Together, Tether and Circle account for roughly 95.8% of declared stablecoin transaction value in Brazil — gov.br

USDT alone moved about R$1.0 trillion in declared Brazilian transactions since August 2019, per official Ministry of Finance data — gov.br

BRLA and BRZ are nearly tied — USD 16.4m vs 15.1m outstanding — a difference of just USD 1.3 million — poder360.com.br

A separate Polygon source says Avenia has processed over USD 3.5 billion in cumulative stablecoin payment volume — a flow metric, not comparable with outstanding supply — poder360.com.br

The rows

Segment	Rank	Issuer	Coin	Value	Period	Source

Method: final shortlist of 4 rows, one per issuer in each of two segments, researched as of 2026-09-02. Activity ranking uses declared Brazilian buy/sell transaction value (Receita Federal, 2019-08 to 2025-12), not market cap, users or revenue. Local ranking covers open-access BRL-pegged stablecoins only; closed-loop institutional tokens excluded. Percentages and USD millions are never placed on one axis. Avenia's $3.5bn payment volume is cumulative flow, cut from the chart to avoid unit mixing.

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