Five major Brazilian associations, including ABcripto and ABFintechs, have issued a joint statement opposing the extension of the financial transaction tax (IOF) to stablecoin transactions. Representing over 850 companies, these associations argue that the move could violate Brazil's Constitution and the Virtual Assets Law enacted in 2022. Brazil's crypto market sees monthly trading volumes between $6 billion and $8 billion, with stablecoins accounting for approximately 90% of these transactions.