Brazil's latest open-dataset report recorded R$510.1 billion in cryptocurrency transactions in 2025, up from R$94.9 billion in 2020, with legal entities responsible for R$499.9 billion, or 98%, of the total. The figure differs from the previously cited R$505.5 billion estimate for 2025. Major lenders have expanded retail access despite Banco Central do Brasil filings showing no virtual assets on Brazilian banks' balance sheets in March 2026. Itaú offers 15 crypto assets, Nubank lists 28, and Banco do Brasil has processed more than R$11 million in Bitcoin and Ether customer transactions since introducing direct purchases in January 2026. Brazil's framework for virtual-asset service providers requires authorization, capital, governance, cybersecurity, anti-money-laundering and consumer-protection controls. Stablecoins represented about 80% of reported 2025 crypto volume, while USDT accounted for 88.7% of volume between August 2019 and December 2025. The arrangement will test whether regulated banks can provide customer crypto services without taking proprietary exposure to volatile digital assets.