According to data, the XRP/MXN trading pair has surpassed BTC/BRL by at least a billion dollars in turnover. Despite these shifts, Binance continues to dominate the market in terms of turnover, particularly in stablecoin trades, as reported by Kaiko.
Kaiko also highlighted the rapid growth of the Brazilian crypto market, noting that monthly BRL trade volumes have averaged $1.3 billion, up from $0.7 billion in 2023. The firm indicated that Binance’s dominance seems to be declining in the region, as trade volumes on Mercado Bitcoin, Brazil’s largest crypto exchange, more than doubled in 2024, driven by activity in both Bitcoin and altcoins.