[Multiple Brazilian Associations Unite to Oppose Financial Transaction Tax on Stablecoin Trading] According to CoinDesk, Brazilian crypto and fintech industry associations ABcripto, ABFintechs, Abracam, ABToken, and Zetta issued a joint statement opposing the expansion of the financial transaction tax (IOF) to include stablecoin trading. These associations represent over 850 companies in Brazil. The associations believe that including stablecoin trading within the tax scope would conflict with Brazil's existing legal framework and harm the country's crypto industry. They argue that this measure could potentially violate the Brazilian Constitution and the Virtual Assets Law passed in 2022. According to an auditor from Brazil's Federal Revenue Service, the monthly crypto market trading volume in Brazil is approximately $6 billion to $8 billion, with about 90% of it involving stablecoin trading.