Brazil’s major banks broaden crypto services while keeping balance sheets clear

Brazil’s leading banks have significantly expanded the range of digital assets available to their customers, but recent Central Bank filings confirm that the institutions hold no virtual assets on their own balance sheets.

Expanded product menus

Itaú now lists 15 crypto assets, including Bitcoin (BTC), Ethereum (ETH) and the dollar‑backed stablecoin USDC. Nubank offers the broadest menu with 28 tokens for its more than 7 million crypto users. Banco do Brasil began allowing direct purchases of Bitcoin and Ethereum in January and has processed over R$11 million ($2.1 million) in customer transactions.

Bank‑customer model, no proprietary exposure

The banks act as custodians and order processors; they do not purchase crypto with their own funds. This model limits exposure to price, liquidity and credit risks that would arise from holding the assets directly.

Market volume and stablecoin prominence

Brazilian users and companies recorded R$505.5 billion ($98.7 billion) in crypto transactions in 2025, a 22 % rise from the previous year. Companies accounted for 98.3 % of the volume. Stablecoins, especially USDC, dominate the market, providing dollar‑linked exposure.

Regulatory backdrop

Brazil’s Legal Framework for Virtual Assets, overseen by the Central Bank, requires crypto service providers to obtain authorization, maintain minimum capital and keep client assets separate. New capital and risk rules will take effect in January 2027, and by mid‑2028 crypto firms must operate under the S4 regulatory segment. Banks, already supervised by the Central Bank, are not required to hold crypto to offer custody or execution services.