As stablecoins continue to dominate Brazil’s fast-growing crypto space, Itaú Unibanco, the country’s largest bank with over 55 million customers, is exploring the launch of its own stablecoin—a move that could redefine financial inclusion in Brazil.
Speaking at a recent event in São Paulo, Guto Antunes, Head of Digital Assets at Itaú, shared that the bank sees strong potential in stablecoins, especially for enabling atomic transactions—fast, irreversible payments that reduce fraud risk. However, the bank is proceeding with caution, awaiting clearer regulatory direction from Brazil’s Central Bank.
Cautious Approach Amid Regulatory Uncertainty
Itaú’s stablecoin plans are closely tied to Public Consultation No. 111, a draft regulation that could significantly shape how stablecoins are used within Brazil.
The proposal includes new oversight rules for virtual asset service providers (VASPs) and could restrict the transfer of dollar-backed stablecoins to self-custody wallets. If passed as is, it would mean VASPs could no longer facilitate these transfers—posing a major challenge to how stablecoins currently operate in the country.
“The outcome of this consultation will be key to determining whether institutions like Itaú can move forward,” Antunes emphasized.
He also noted that the Central Bank of Brazil will play a crucial role in shaping the final rules.
Growing Interest Post-Trump Policy Shift
Interest in stablecoins has picked up globally after U.S. President Donald Trump voiced opposition to central bank digital currencies (CBDCs), favoring privately issued stablecoins instead. This policy shift has caught the attention of major financial institutions worldwide, including Itaú.
Antunes confirmed that Itaú has long considered launching a stablecoin, recognizing the advantages of blockchain—particularly its ability to speed up, secure, and streamline transactions without middlemen like banks.
Why Stablecoins Matter in Brazil
Brazil’s appetite for stablecoins is growing fast. In September 2024 alone, over 4.4 million Brazilians transacted $4.2 billion in crypto, with stablecoins accounting for 71.4% of that volume.
Tether’s USDT led the way with $2.77 billion in transfers—highlighting the dominant role dollar-backed stablecoins play in the local market.
Despite the regulatory hurdles, Antunes remains a strong supporter of self-custody, which allows users to hold digital assets directly without relying on centralized platforms. He sees it as critical for financial empowerment, even though it’s one of the key areas restricted under the current version of Consultation No. 111.
The U.S. Stablecoin Market Sets the Example
Globally, the stablecoin market—especially in the U.S.—is booming. USDT and USDC, the market leaders issued by Tether and Circle, now have market capitalizations of over $144 billion and $60.7 billion, respectively.
In March 2025, the total stablecoin market cap surpassed $230 billion, boosted by growing institutional adoption and increasing regulatory clarity. Firms like Fidelity are reportedly developing their own U.S. dollar-backed stablecoins, and Custodia Bank recently launched the first bank-issued stablecoin on a public blockchain.
Itaú is closely monitoring these developments as it considers its next steps.
“Whether Itaú is able to launch a stablecoin—and under what conditions—will shape whether more Brazilians gain access to modern, inclusive financial tools,” Antunes said.
Looking Ahead: Could Stablecoins Reshape Banking in Brazil?
The next phase of stablecoin development in Brazil hinges on the final outcome of Consultation No. 111. If restrictions on self-custody and foreign-currency transfers are lifted or softened, Itaú could move quickly to offer stablecoin services to both institutional and—eventually—retail users.
As Antunes sees it, programmable payments via smart contracts could revolutionize payroll, bill payments, and supply chains—paving the way for a new digital financial era in Brazil and beyond.
Frequently Asked Questions (FAQs)
How might Itaú’s stablecoin integrate with Brazil’s current banking system?
If launched, it could be linked to traditional bank accounts, allowing seamless transfers between fiat and digital assets—all within a regulated environment.
Will the stablecoin be for individual users or just institutions?
The bank hasn’t confirmed yet. It may begin with institutional clients before rolling out to the public, depending on regulatory clarity.
Can it support programmable payments?
Yes, if built with smart contract compatibility, the stablecoin could automate payments for salaries, bills, or supply chains—bringing real-world utility to Brazilian industries.
