Brazil's Largest Bank, Itaú Unibanco, Is Preparing to Launch Its Own Stablecoin! Here Are the Details

Itaú Unibanco, Brazil’s largest bank by assets, is exploring whether to launch its own stablecoin as regulatory discussions develop and U.S. financial institutions gradually enter the sector. Brazil's Largest Bank Itaú Unibanco Designs Its Own Stablecoin The bank's decision will depend on regulatory developments in Brazil and the success of stablecoin offerings by U.S. financial institutions. Guto Antunes, Itaú’s head of digital assets, said the decision could depend on how American institutions proceed with their stablecoin offerings. Speaking at an industry event in São Paulo, Antunes cited the growing momentum behind blockchain-based payment systems. “Stablecoins have always been on Itaú’s radar. We can’t ignore the power of the blockchain to process transactions atomically,” he said. For now, stablecoins remain a hot topic. The surge in interest in stablecoins comes on the heels of a political shift in the United States, where lawmakers rejected a central bank digital currency (CBDC) in favor of promoting private stablecoin alternatives to preserve the dollar’s dominance. In Brazil, regulators are conducting a public consultation (Consulta Pública No. 111) focusing on how stablecoins can fit into the current financial system. Antunes said the bank is waiting to see what rules the central bank will set before moving forward with any internal projects. Antunes also expressed concerns about the proposed self-custody ban in Brazil’s draft stablecoin rules. It’s worth noting that Brazil prohibits large pension funds from investing in cryptocurrencies. *This is not investment advice. Continue Reading: Brazil's Largest Bank, Itaú Unibanco, Is Preparing to Launch Its Own Stablecoin! Here Are the Details