A Central Bank of Brazil report as of March 2026 recorded zero virtual assets on the country’s banking balance sheets. Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have aggressively expanded crypto services for customers since 2025, but these five institutions do not put their own capital into the crypto market. They operate purely as custodians and transaction processors.
Nubank, Brazil’s largest fintech company, currently offers 28 digital assets to more than seven million users. Itaú, the largest bank by assets under management, follows with 15 crypto assets offered through its investment platform, including Bitcoin, Ethereum, and USDC. Banco do Brasil - the country’s most profitable state-owned bank - began opening access to purchase Bitcoin and Ethereum in January and has processed over $2.1 million in transactions.
Corporate Money Dominates 98% of Transactions
Brazil’s crypto transaction volume throughout 2025 surpassed $98.7 billion. This figure represents a 22% increase from 2024 and a 433% jump compared to 2020. Corporate entities dominated 98.3% of the total market with transaction volumes reaching $97 billion, while retail investors accounted for the remainder.
Demand for US dollar exposure has given stablecoins a dominant share in the Brazilian market. Banco Safra, a bank targeting high-net-worth clients, moved aggressively by issuing its own stablecoin called Safra Dólar in September 2025, backed by an in-house full custody system. Itaú is also developing a token pegged to the Brazilian Real, though progress remains pending consultations with the central bank.
Strict Rules Ahead of Licensing Deadline
Banks’ reluctance to hold crypto assets aligns with the country’s evolving regulatory framework. The 2022 Crypto Law granted supervisory authority over the industry to the Central Bank of Brazil. Following up, the regulator issued three resolutions in November 2025, including Resolution 521, which treats purchases of dollar-pegged stablecoins as foreign exchange operations.
The licensing compliance deadline is set for October 30, 2026. Of the roughly 120 crypto companies currently operating in Brazil, most still function without official licensing. For customers who can now easily buy digital assets via banking apps, the boundary is clear: banks are willing to process and custody crypto for their clients, but refuse to touch the same assets using their own institutional capital.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
