US Targets Brazil’s Pix As Dollar Stablecoins Gain Ground In Digital Payments

The United States will impose a 25% tariff on most Brazilian goods starting July 22, and Brazil’s Pix payment system has become a surprising focus of the trade dispute. The US says Pix gives local payment services an unfair edge over American companies like Visa and Mastercard. Meanwhile, dollar-backed stablecoins are becoming more popular in Brazil and now make up most of the country’s crypto transaction volume for payments and settlements.

The US Trade Representative says Pix puts foreign payment companies at a disadvantage because Brazilian banks must offer the service free to individuals. Pix has grown quickly since its 2020 launch and is now used by over 90% of Brazilian adults.

Central bank data shows Pix processed nearly 7 billion transactions worth about 3 trillion R$ (Brazilian Real) in June alone. In the second half of 2025, it handled almost twice as many transactions as credit, debit, and prepaid cards combined.

🇧🇷 #BRAZIL: The US has announced 25% tariffs on certain Brazilian goods, following a yearlong USTR investigation. @LulaOficial immediately rejected the move, pledged reciprocal measures, and said he’ll take it to the WTO.

Follow our live updates on US escalation in the Caribbean…

— CEPR (@ceprdc) July 16, 2026

While the trade dispute centres on Pix, demand for US dollar-backed stablecoins keeps rising in Brazil. Tax authority data shows stablecoins make up about 90% of the country’s crypto transaction volume, with monthly activity between $6 billion and $8 billion.

Source: ustr.gov

Despite that growth, Brazil’s central bank is moving to restrict stablecoin use in regulated cross-border payments. A new rule scheduled to take effect in October will prohibit payment firms from using stablecoins to settle international transfers, citing concerns over monetary sovereignty, tax compliance and anti-money laundering controls.

Industry experts think Pix and stablecoins can work together. They say Pix is for instant domestic payments, while stablecoins open up more payment options on blockchain networks.

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