Brazil's largest financial institutions are rapidly expanding their cryptocurrency services as the regulatory environment clarifies. Itaú now offers 15 cryptoassets through its investment app, including Bitcoin, Ethereum, and the stablecoin USDC. Nubank lists 28 cryptocurrencies, while Banco do Brasil reports its Bitcoin and Ethereum service has processed more than R$11 million ($2.1 million) in transactions since launching in January.
The expansion reflects record activity in Brazil's crypto market. According to federal tax authority Receita Federal, Brazilians moved R$505.5 billion ($98.7 billion) through cryptocurrency in 2025, more than five times the R$94.9 billion recorded in 2020. Corporate transactions accounted for 98.3% of that volume, with individual investors responsible for the remainder.
Regulatory Clarity Drives Bank Entry
The banks' moves follow a significant regulatory shift. Brazil's Central Bank published three resolutions in November 2025 that require any firm allowing customers to trade, hold, or send cryptocurrency to obtain a license, maintain minimum capital, and establish segregated client accounts. The compliance deadline is October 30, 2026.
One resolution treats purchases or exchanges of dollar-pegged stablecoins as foreign exchange operations, bringing them under stricter Central Bank oversight. This regulatory clarity has convinced traditionally conservative Brazilian banks that entering the market is prudent, according to industry observers.
Banks Build Stablecoin Infrastructure
Some banks are taking more aggressive steps. Banco Safra issued its own dollar-pegged stablecoin, Safra Dólar, in September 2025, maintaining full custody in-house. The bank positions the stablecoin as a way for clients to maintain dollar exposure without opening accounts abroad.
Central Bank filings dated March 2026 show zero cryptocurrency holdings on Brazilian banks' balance sheets. Banks are facilitating client trades and custody without taking proprietary positions in digital assets themselves.
