The 2025 Brazil Tokenization Report frames the year as "the convergence moment" — the point where regulation, institutions, innovation and technology align to open the doors to a new economy. In 2025 the two major bottlenecks of tokenization, regulation and on-chain money, finally found solid answers, led by the U.S. GENIUS Act and the boom of stablecoins. Brazil cements itself as Latin America's tokenization hub, with an estimated USD ~1 billion in tokenized assets already distributed locally.
Regulation and on-chain money converge
The report's thesis is that 2025's defining shift came from two fronts finding solid answers at once. The U.S. took the lead with the GENIUS Act, setting clear rules for payment stablecoins — 1:1 reserves in high-quality liquid assets, monthly audited reports and a prohibition on interest or yield payments — signed into law in July 2025 and entering force in 2026-2027. Stablecoins now move over USD 3.5 trillion per month, surpassing payment giants, with over USD 300 billion in circulation, while crypto ETFs approach USD 250 billion in AUM and RWA tokenization surpasses USD 30 billion globally. Meanwhile CBDCs stagnated: the number of countries exploring them grew only modestly from 134 to 137, with just 5 advancing from research to development, as regulators pivoted to framing private stablecoins as the real infrastructure story.
Brazil as Latin America's hub
Brazil now concentrates Latin America's leading players: Hashdex has become the region's largest digital asset manager, Mercado Bitcoin remains the top exchange, OranjeBTC has built the biggest bitcoin treasury, Crown is emerging as the main issuer of BRL-backed stablecoins, and Nexa raised the largest fundraising in LatAm's tokenization market. The report notes that 70% of players say the market improved versus 2024, over 70% of Brazilian VCs have invested in digital assets, and the biggest local platforms operate under licenses and CVM rules. Brazil's Central Bank chief stated that 90% of the country's crypto flow are stablecoins, while local milestones through 2025 included Nucrea and AmFi tokenizing R$170 million in invoices, a Liqi-XDC US$500M tokenization deal, and Nexa raising funding to tokenize and distribute R$1B in 2026.
Key findings
- Stablecoins move over USD 3.5 trillion per month, surpassing payment giants, with over USD 300 billion in circulation.
- Crypto ETFs are approaching USD 250 billion in AUM and RWA tokenization has surpassed USD 30 billion globally.
- The U.S. GENIUS Act, signed in July 2025, created a federal stablecoin regime requiring 1:1 reserves and banning yield payments.
- An estimated USD ~1 billion in tokenized assets has already been distributed in Brazil, with over 70% of Brazilian VCs having invested in digital assets.
- CBDC exploration grew only from 134 to 137 countries with just 5 advancing to development, as stablecoins replaced CBDCs as the infrastructure priority.