Brazil's Largest Bank Itaú Unibanco Considers Creating Its Own Stablecoin
The bank's decision will depend on changes in the Brazilian regulatory framework and the success of the implementation of stablecoins by US financial institutions.
Author: Francisco Rodriguez | Edited by: Steven Alpher Updated: April 3, 2025, 2:06 PM Published: April 3, 2025, 12:09 PM
What you need to know:
- Brazil's largest bank is exploring the possibility of creating stablecoins if local legislation and US financial institutions succeed in their launches.
- The move comes as lawmakers reject a U.S. central bank digital currency in favor of private tokens.
Itaú Unibanco, Brazil's leading bank by assets, is exploring the possibility of creating its own stablecoin amid regulatory discussions and the gradual entry of U.S. financial institutions into the space.
The decision may depend on how successfully U.S. institutions implement stablecoins, said Guto Antunes, head of digital assets at Itaú. At an industry conference in São Paulo, Antunes cited growing interest in blockchain technology for payment systems.
“Itaú has always had an eye on stablecoins. We cannot lose sight of the potential of blockchain for atomic transactions,” he was quoted as saying by local media. For now, stablecoins remain a “hot topic.”
Renewed interest in stablecoins comes after political changes in the US, where lawmakers rejected central bank digital currencies (CBDCs) in favor of supporting private alternatives to stablecoins to maintain dollar dominance.
In Brazil, regulators are holding a public consultation — Consulta Pública No. 111 — focused on how stablecoins could be integrated into the existing financial system. Antunes noted that the bank is waiting for the central bank to establish rules before moving forward with any internal project.
Antunes also expressed concern about a proposed ban on self-storage in Brazil's draft stablecoin regulations. It's worth noting that Brazil has banned major pension funds from investing in cryptocurrencies.
