Itaú Unibanco, recognized as Brazil’s largest bank and a leading financial institution in Latin America, is investigating the possibility of launching a stablecoin linked to the Brazilian real, pending regulatory insights from the Central Bank’s current public consultation.
As initially reported, Itaú Unibanco is exploring the development of a proprietary stablecoin tied to the Brazilian real. During a banking event in São Paulo, Guto Antunes, the Head of Digital Assets at Itaú Unibanco, shared that stablecoins have been a focus of interest for the bank for quite some time.
“Naturally, it is always part of our considerations. Stablecoins have consistently been on the agenda for Itaú. We cannot overlook the potential of blockchain for executing transactions with efficiency,” remarked Antunes.
Antunes emphasized the importance of the Central Bank’s commencement of a public consultation (Consultation No. 111) regarding the stablecoin market. He clarified that comprehension of the Central Bank’s regulatory approach is essential before launching any stablecoin offerings.
“The consultation is critical because we need to recognize what is permissible. While the stablecoin market has demonstrated increased customer utility, it’s vital to understand how we can progress in this area,” he noted.
Additionally, Antunes showed support for the self-custody of stablecoins, a subject that could face constraints under the new regulatory framework. As a possible middle ground, he proposed a waiver system that would allow the Central Bank access to taxpayers’ assets while still permitting some form of controlled self-custody.
“If it is allowed without restrictions, it undermines the main goal of preventing illicit activities,” he indicated.
Itaú Unibanco’s pursuit of a real-pegged stablecoin aligns with a broader trend where banks are increasingly rolling out their own stablecoins, inspired by the favorable regulatory environment in the U.S., particularly following the decision to reject a central bank digital currency in favor of privately issued stablecoins.