Brazil crypto surge driven by stablecoins capturing 90% of flow

The Chief of Brazil’s Central Bank, Gabriel Galipolo, highlighted that stablecoins account for around 90% of Brazil’s crypto transactions, as many citizens turn to digital currencies to combat inflation and economic instability.

The Brazilian government is developing regulatory frameworks for cryptocurrencies, with a proposed bill to create a national Bitcoin reserve, potentially utilizing up to 5% of the country’s international reserves.