19 hours ago
Itaú Unibanco, Brazil’s largest slope by assets, is exploring whether to contented its ain stablecoin arsenic regulatory discussions germinate and U.S. financial institutions dilatory determination into the sector.
The determination could hinge connected however American institutions fare with their stablecoin rollouts, said Guto Antunes, caput of integer assets astatine Itaú. At an manufacture lawsuit successful São Paulo, Antunes cited the increasing momentum down blockchain-based colony systems.
“Itaú has ever had stablecoins connected its radar. We cannot disregard the spot that blockchain has to settee transactions atomically,” local media quoted him saying. Stablecoins, for now, stay a “topic connected the agenda.”
The renewed involvement successful stablecoins comes connected the heels of a governmental displacement successful the U.S., wherever lawmakers rejected a cardinal slope integer currency (CBDC) successful favour of encouraging backstage stablecoin alternatives to sphere the dollar’s dominance.
In Brazil, regulators are conducting a nationalist consultation—Consulta Pública No. 111—focused connected however stablecoins mightiness acceptable into the existing fiscal system. Antunes said the slope is waiting to spot what rules the cardinal slope sets earlier advancing immoderate interior project.
Antunes besides raised concerns astir a projected prohibition connected self-custody successful Brazil’s draught stablecoin rules. Brazil, it’s worthy noting, has barred large pension funds from investing successful cryptocurrencies.
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