Itaú Unibanco Considers Issuing Its Own Stablecoin Amid Regulatory Changes
Itaú Unibanco, Brazil’s largest bank, is considering issuing its own stablecoin amid evolving regulatory discussions. Key points include:
- The decision may depend on the progress of U.S. financial institutions with their stablecoin initiatives.
- The bank views blockchain's potential for atomic transaction settlements as significant.
- Stablecoins are currently a priority topic for Itaú.
- In the U.S., lawmakers favor private stablecoins over a central bank digital currency (CBDC) to maintain dollar dominance.
- Brazilian regulators are conducting a public consultation on integrating stablecoins into the financial system.
- Itaú is awaiting central bank regulations before moving forward with any projects.
- Concerns have been raised about a proposed ban on self-custody in Brazil's draft stablecoin regulations.
- Brazil has restricted major pension funds from cryptocurrency investments.