Trade tensions between the U.S. and Brazil are spilling over into the payments sector. The U.S. plans to impose a 25% tariff on most Brazilian imported goods starting July 22, and has listed Brazil’s instant payment system, Pix, as one of the disputed issues in related trade documentation. Meanwhile, the use of USD-stablecoins in Brazil’s digital assets market continues to expand.
Pix has been included in the trade dispute.
The final measures issued by the Office of the United States Trade Representative on July 15 stem from a year-long “Section 301 investigation” covering issues such as digital trade and electronic payments. The U.S. believes that certain Brazilian policies place American electronic payment companies at a disadvantage, with Pix being included in this context.
It should be noted that the U.S. did not impose taxes specifically on Pix; rather, it cited electronic payment issues as one of the reasons for imposing additional tariffs on Brazilian goods.
Pix, launched by the Central Bank of Brazil in 2020, has become a core part of the country’s everyday payment infrastructure. According to Central Bank of Brazil data, Pix processed 63 billion transactions totaling R$26.4 trillion in 2024. The system’s widespread adoption has also increased competitive pressure on card networks and other payment services.
Dollar-stablecoins continue to expand
As local payment systems rapidly develop, USD-pegged stablecoins are also gaining a larger share of Brazil’s crypto market. The Central Bank of Brazil previously stated that stablecoins account for approximately 90% of the country’s reported crypto flows, with users typically employing them for payments and value transfers.
This trend is also beginning to integrate with local payment networks. In June, Oobit, supported by Tether, connected to Pix, allowing users to deposit reais, hold USDT, and make payments via Pix keys or QR codes. Stablecoins settle in the background, while the front end continues to use payment methods familiar to Brazilian users.
Beyond Brazil, USD-pegged stablecoins are also gaining wider adoption across other Latin American markets. According to Bitso data cited by crypto.news, USD-pegged tokens accounted for 40% of cryptocurrency purchases on its platform in 2025, surpassing Bitcoin.
Brazil restricts the use of cross-border settlement
Brazilian regulators have not banned the circulation of stablecoins, but they are restricting their use in regulated cross-border payment settlement systems. According to Central Bank of Brazil Resolution No. 561, virtual assets may not be used for payment settlement in regulated electronic foreign exchange channels.
This regulation does not equate to a complete ban on stablecoins or cryptocurrency transfers. Its core requirement is that regulated electronic foreign exchange service providers must conduct related cross-border payments exclusively through officially approved foreign exchange channels and cannot use digital assets for settlement.
This means that stablecoins can still circulate through exchanges, wallets, and other channels, but regulated payment institutions must still comply with Brazil’s central bank foreign exchange regulations for international settlement transactions.
Additional information: The U.S. has addressed the electronic payment issue within the broader context of its trade dispute with Brazil and has not singled out Pix as a target for tariffs.