Itaú Unibanco, the largest bank in Brazil in terms of assets, is considering the possibility of launching its own stablecoin as regulatory conversations progress and financial institutions in the U.S. cautiously venture into this area.
The choice may depend on the experiences of American banks as they implement their stablecoins, remarked Guto Antunes, who leads digital assets at Itaú. During an industry event in São Paulo, he noted the increasing interest in blockchain-driven settlement frameworks.
“Itaú has consistently kept stablecoins in its sights. We must recognize the significant potential of blockchain for executing transactions reliably,” he mentioned, referring to a local report. Presently, stablecoins are still a “topic on the agenda.”
This renewed focus on stablecoins comes amid a shift in the U.S. political landscape, where lawmakers have opted against a central bank digital currency (CBDC) in favor of promoting private alternatives to maintain the dominance of the dollar.
In Brazil, regulatory authorities are conducting a public consultation—Consulta Pública No. 111—examining how stablecoins might integrate into the current financial framework. Antunes indicated that the bank is waiting to see what guidelines the central bank establishes before moving forward with any internal initiatives.
Antunes also expressed concerns regarding a proposed prohibition on self-custody in Brazil’s draft rules for stablecoins. It’s noteworthy that Brazil has already restricted major pension funds from allocating investments in cryptocurrencies.