- U.S. lawmakers have favored private stablecoins over a central bank digital currency.
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Brazil has opened Public Consultation No. 111 to gather public input on stablecoins.
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A proposed ban on self-custody in Brazil’s draft rules has raised concerns.
With global blockchain settlement systems gaining momentum and regulatory frameworks evolving, Itaú Unibanco—Brazil’s largest bank by assets—is examining the possibility of issuing its own stablecoin.
Although stablecoins in Brazil are still nascent, interest is growing as the United States increasingly supports privately issued digital currencies, creating a competitive model that other countries may follow.
At an industry event in São Paulo, Guto Antunes, head of digital assets at Itaú, confirmed the bank is evaluating stablecoin initiatives.
Any internal actions will depend on how U.S. institutions advance and on the stance of the Brazilian central bank, which is currently conducting a public consultation on stablecoins.
U.S. Backs Private Stablecoins
Renewed attention to stablecoins in Brazil follows a notable development in the United States.
U.S. lawmakers recently rejected the creation of a central bank digital currency (CBDC) and instead favored the development of privately issued stablecoins as a way to bolster the global prominence of the U.S. dollar.
Itaú is watching this shift closely. Antunes said the performance and adoption of U.S. stablecoins will influence the bank’s own digital asset strategy.
He highlighted blockchain’s role in enabling “atomic settlement”—instant, final transfers without intermediaries.
Antunes noted that stablecoins “have long been on Itaú’s radar,” signaling the bank’s sustained interest. He added that developments in both U.S. and Brazilian regulation will be decisive for any move forward.
Brazil Launches Consultation
The Brazilian regulator has launched Public Consultation No. 111, inviting input on how stablecoins might be integrated into the country’s financial system.
The consultation seeks contributions from the financial sector, consumer advocates and blockchain developers.
Stablecoins remain under review, and Brazil’s regulatory treatment of this asset class is still unclear. The central bank has yet to issue specific rules for privately issued digital currencies.
However, the consultation represents a step toward formal recognition and regulatory clarity.
Antunes said the bank is monitoring the process closely and will wait for final rules before advancing internal projects. Any decision by Itaú will be shaped by the consultation’s outcomes and possible policy changes.
Self-Custody and Fund Limits
While regulation is still pending, a contentious element in Brazil’s draft rules is a proposed restriction on self-custody of stablecoins.
This has raised concerns across the digital asset industry, where self-custody—the direct holding of tokens rather than relying on intermediaries—is a common practice.
The draft also reinforces existing limitations on institutional cryptocurrency investments. Brazil currently prohibits large pension funds from investing in digital assets to limit risk to retirement portfolios.
Those limits have created a cautious environment for widespread institutional adoption of cryptocurrencies.
Nevertheless, Brazil remains an important market for digital finance and continues to see strong retail interest in cryptocurrencies.
Stablecoins could play a significant role in modernizing Brazil’s financial infrastructure, but much depends on clearer regulations and the direction of global trends.