Itaú Unibanco, Brazil’s largest bank by assets, is currently evaluating the possibility of launching its own stablecoin as the regulatory landscape continues to evolve. This comes at a time when U.S. financial institutions are gradually making inroads into the sector.
According to Guto Antunes, head of digital assets at Itaú, the bank’s decision will likely depend on the ongoing progress of American institutions with their stablecoin implementations. During an industry event held in São Paulo, he highlighted the increasing momentum surrounding blockchain-based settlement systems.
“Itaú has always had stablecoins on its radar. We cannot ignore the strength that blockchain has to settle transactions atomically,” Antunes was quoted as saying by local media. At present, stablecoins remain an important “topic on the agenda.”
This renewed interest in stablecoins follows a political shift in the U.S., where lawmakers have rejected a central bank digital currency (CBDC) in favor of promoting private stablecoin alternatives. This decision aims to strengthen and maintain the dollar’s dominance in the financial system.
In Brazil, regulators are embarking on a public consultation process—Consulta Pública No. 111—aimed at understanding how stablecoins might be integrated into the existing financial framework. Antunes mentioned that Itaú is waiting to see the regulatory guidelines established by the central bank before moving forward with any internal initiatives.
Additionally, Antunes expressed concerns regarding a proposed ban on self-custody included in Brazil’s draft stablecoin regulations. It’s noteworthy that Brazil has previously restricted major pension funds from investing in cryptocurrencies, highlighting the careful approach taken by regulators.
