According to CoinDesk, USD-backed stablecoins account for 90% of crypto transactions in Brazil, as Washington views Brazil's push for non-USD payment channels as a threat to dollar-based trade.

Brazil's reliance on USD stablecoins creates a direct link between the crypto market and U.S.-Brazil bilateral trade policy. As Washington views Brazil's non-USD payment initiatives as a threat, any tensions could affect capital flows into Brazilian crypto assets and foreign payment mechanisms, indirectly impacting BRL prices through pressure on international remittance channels and expansionary monetary policy.