The government of Brazil would be studying the impact of applying a financial exchange tax, known as IOF, to cross-border payments involving stablecoins.

According to sources consulted by Reuters, the move would aim to put stablecoins hand in hand with foreign currency, closing a loophole that allowed Brazilians to use the former without paying taxes.

The regulatory changes made by the Brazilian central bank, which established that all stablecoin transactions, including purchases, sales, and exchanges, would be treated as foreign-exchange operations, would be the main driver behind this push.

A source consulted stated that the new rules ensured “that the use of stablecoins does not create regulatory arbitrage vis-a-vis the traditional foreign-exchange market.”

Nonetheless, as the tax area pertains to the national tax agency (Receita Federal), for this to happen, the institution would have to issue rules in this direction. Recently, the institution issued a new model for crypto tax statements, but did not include the direct taxation of international payments with stablecoins.

Read more: Brazilian Tax Agency Tightens Crypto-Reporting Rules, Targeting Foreign Exchanges and DeFi

The tax authority has determined that, only in the first half of 2025, over $30 billion was settled using USDT, the largest stablecoin by market capitalization. In this sense, taxing these flows would limit the growing Brazilian adoption, making these equivalent to dollars.

The change in this policy would allow the Brazilian state to collect part of the tax revenue that was lost due to the use of stablecoins in these transactions. A source estimated that this number could reach up to $30 billion.

If a dollar-equivalent transaction gets applied to stablecoin flows, it might disincentivize their usage as dollar proxies. Nonetheless, it might also reveal the real allure of these instruments in a leveled playing field against actual dollars.

• What tax is Brazil considering for stablecoin cross-border payments?
  The Brazilian government is studying the application of a financial exchange tax, known as IOF, to transactions involving stablecoins.

• Why is Brazil considering taxing stablecoin transactions?
  This measure aims to align stablecoins with foreign currency regulations, closing a loophole that previously allowed Brazilians to use stablecoins without incurring taxes.

• What recent regulatory changes have influenced this decision?
  The Brazilian central bank has classified all stablecoin transactions, including purchases and exchanges, as foreign-exchange operations, prompting the need for tax regulation.

• What impact could this tax have on stablecoin usage in Brazil?
  Taxing stablecoin transactions may limit Brazilian adoption by equating them to dollars, potentially reducing their appeal as dollar proxies in financial transactions.

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