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| Brazil Stablecoin |
Response to the U.S. Financial Market's Entry into Stablecoins
Itaú Unibanco, Brazil's largest bank, is reportedly considering the launch of its own stablecoin. This move comes as U.S. financial companies actively enter the stablecoin market. Therefore Itaú Unibanco feels they cannot ignore this trend.
Stablecoin Emerges as a Key Agenda for Itaú
Guto Antunes, Itaú's Digital Asset Director, highlighted the importance of stablecoins at an industry event in São Paulo. He emphasized the power of blockchain-based transaction settlements. Thus, stablecoins hold a significant place on Itaú’s agenda.
Full Implementation Pending Central Bank Regulation
The Central Bank of Brazil is currently discussing the role of stablecoins within the financial system. Itaú plans to fully pursue its stablecoin project once the central bank finalizes its regulatory policies.
However, the Brazilian government's draft stablecoin regulations, including a ban on self-custody, have sparked controversy. Brazil has previously banned major pension funds from investing in cryptocurrencies.