Keyrock launches Brazil entity to expand BRL OTC liquidity and market making

Keyrock is scaling up in Brazil with a new local entity, betting that the country’s stablecoin-heavy crypto economy is ready for more institutional-grade liquidity. The digital asset market maker said the move builds on its 2025 market entry and is designed to serve rising demand for deep liquidity, reliable execution, and fast settlement in the Brazilian market.

The company also puts regulation at the center of the decision. Keyrock points to Brazil’s VASP framework as a source of clarity that makes it easier for global crypto firms to commit locally — and for institutions to work with counterparties they can underwrite.

Why Brazil, why now

Keyrock’s case is that Brazil isn’t just “another expansion market.” It argues the country has become a stablecoin-first ecosystem where crypto rails are used for real-world needs like payments and cross-border settlement — and it backs that with a headline statistic: stablecoins represent more than 90% of all crypto transaction flows in Brazil, in its view acting as the backbone of payments, FX substitution, and international transfers.

Robert Valdes-Rodriguez, Keyrock’s Chief Commercial Officer, said Brazil’s “commercial strength and regulatory clarity” make it a natural place to scale, and positioned the new entity as part of supporting the country’s growing digital asset ecosystem.

Keyrock also leans on Brazil’s scale, describing it as the largest digital-asset adoption market in LATAM and “among the top five worldwide.” It says Brazilian users transacted more than $300 billion in crypto assets between 2024 and 2025, which it describes as triple-digit year-on-year growth.

What Keyrock says it will do on the ground

The company’s initial focus is operational and market-structure heavy: OTC liquidity in BRL pairs and market making via its multi-service offering. Keyrock emphasizes that the local entity will operate in line with Brazil’s VASP rules, framing compliance as part of being a “trusted counterparty” for institutions.

In plain terms, Keyrock is trying to sit in the middle of the flow — providing the liquidity and execution that stablecoin-driven markets need when volumes shift from retail speculation toward payments and institutional settlement.

Why it matters for crypto

• Stablecoins are the real rail in Brazil. Keyrock’s claim that stablecoins account for 90%+ of crypto transaction flows underscores that much of Brazil’s activity is framed as payments, FX substitution, and cross-border settlement — not just trading.
• Market structure is moving onshore. A local entity paired with BRL-focused OTC liquidity suggests more of the “plumbing” — execution, settlement, and institutional access — is being built inside the jurisdiction rather than served remotely.
• Regulatory clarity pulls in professionals. Keyrock explicitly cites the VASP framework as a reason to expand, hinting that clearer rules can attract market makers and liquidity providers into the local ecosystem.
• LATAM remains a stablecoin-first corridor. Keyrock frames Brazil as the region’s largest adoption market, reinforcing the idea that stablecoin liquidity and local currency pairs are strategic infrastructure for mainstream crypto usage.

What to watch next

• Which BRL pairs and venues get priority. Keyrock says it will focus on OTC liquidity in BRL pairs and market making — watch for specifics on supported pairs and where that liquidity shows up first.
• How the new entity plugs into the VASP regime. The firm emphasizes compliance; the next signal is how that translates into local onboarding, counterparties, and product availability.
• Whether “90%+ stablecoin flows” holds over time. If stablecoins remain dominant as Keyrock scales, it reinforces the thesis that Brazil’s crypto demand is utility-led and likely to keep drawing liquidity providers.
• Follow-on expansion steps. This is framed as a scaling move after a 2025 entry — watch for hiring, partnerships, or product scope updates tied to the Brazil build-out.

Source: Keyrock — “Scaling in Brazil: Our New Entity Launch”