#StablecoinPayments StablecoinPayments Stablecoins are growing in Brazil, especially as a form of protection against the devaluation of the Brazilian real. These digital currencies are pegged to stable assets, such as the US dollar, and have been used for financial transactions and as a store of value.
Regulation
The Central Bank of Brazil (BCB) has proposed regulations for stablecoins, including a ban on transfers to self-custody wallets, such as MetaMask or Trezor. This measure aims to concentrate operations within the regulated environment and prevent financial crimes. The proposal is under public consultation until February 2025.
Market Impact
Experts believe that the ban may be difficult to enforce, as peer-to-peer (P2P) transactions and decentralized platforms are harder to control. Additionally, the restriction could affect the adoption of cryptocurrencies in Brazil and lead users to migrate to decentralized solutions.
Stablecoins in Brazil
Some of the main stablecoins in Brazil include:
- USDT (Tether): pegged to the US dollar, widely used for payments and store of value.
- BRL1: stablecoin pegged to the real, launched by a consortium of Brazilian exchanges, focusing on transactions between platforms.
- BRZ: stablecoin pegged to the real, used for international remittances and financial operations.
The regulation of stablecoins in Brazil aims to balance innovation and consumer protection, but there are still debates about the best approach.
