Brazil crypto market hits $98.7B in 2025 as banks expand services

The fivefold surge in transaction volume, driven almost entirely by corporate activity, signals a structural shift in Brazil's crypto market from retail speculation to institutional use. The expansion by major banks is notable not for their own balance-sheet exposure—which the central bank confirms is zero—but for the infrastructure they provide, which likely enables the corporate volume. The licensing deadline creates a regulatory cliff that could consolidate the market around compliant players, making the pace of bank-led adoption versus regulatory enforcement the key dynamic to watch through 2026.