Brazil named the most crypto country in the world by Chainalysis in 2026

The most crypto country in the world speaks Portuguese. In its 2026 index of crypto adoption by the general public, published on September 23, Chainalysis ranks Brazil 1st, ahead of the United States. Over the same period, the market lost half of its value, and Latin American crypto activity grew by 9.8%. The crypto that is attracting the region does not move a cent.

Brazil in the lead, Germany the only European in the top 20

Chainalysis’s “grassroots” index, which measures mainstream adoption of crypto, places Brazil ahead of the United States, Nigeria, Japan and South Korea. The Brazilian crypto economy reaches $252.5 billion between July 2025 and June 2026.

The ranking crosses 4 criteria: flows to platforms, exchanges between individuals, transfers between countries and assets kept on-chain. Brazil is not 1st on any of them, but it is in the top 4 in the world on each.

Mexico completes the Latin American presence, in 11th place. On the European side, Germany, 13th, is the only European Union country in the top 20. France is not there.

In Brazil, $10,000 stablecoin wallets jumped 347%

Since July 2024, the number of Brazilian wallets holding at least $10,000 in stablecoins has increased by 347%. The increase reached 91% in Mexico and 82% in Argentina.

In Mexico, 61% of crypto flows go through stablecoins, or more than $47 billion. In Venezuela, traders interviewed for the Chainalysis report say they receive nearly 40% of their revenue in USDT.

Chainalysis links this demand to years of inflation, depreciation of local currencies and limited access to the dollar. From a smartphone, a stablecoin backed by the dollar provides access to a more stable currency than the peso or the bolivar.

“Crypto, and stablecoins in particular, have moved beyond the early adopter stage to become a full-fledged component of the Latin American financial landscape,” observes Ben Reid, head of stablecoins at the Mexican exchange Bitso.

The market halved, crypto activity almost intact

The 2026 ranking tells the story of a two-speed year. The capitalization of the crypto market has fallen by around 50%, or $2.1 trillion erased.

Global on-chain activity only fell 1.6%, from $9.5 trillion to $9.4 trillion. Stablecoin transfers between countries even jumped 77.5%, from $124.2 billion to $220.3 billion.

As prices fell, stablecoins increasingly circulated from one country to another.

After adoption, the performance stage

The Brazilian who keeps $10,000 in stablecoins has sheltered his savings from variations in the real and the crypto market. A year later, he still has $10,000, no more, no less.

These same stablecoins can also be loaned in DeFi, to borrowers who pay interest to use them. Their holder can then aim for a double-digit return, without depending on the price of cryptos.

Adopting the stablecoin was the first step. Making it grow is next, and these are the types of strategies that the 25% Club documents for its members.

While Brazil is saving in stablecoins, France is still waiting to enter the top 20.