Itaú Unibanco, Brazil’s largest financial institution, is considering issuing its own stablecoin, though the decision will be influenced by regulatory developments within Brazil and the progress made by U.S. financial institutions in the space.
Guto Antunes, the bank’s head of digital assets, stated that Itaú is carefully observing the success of stablecoin implementations in the U.S., as the outcome could play a significant role in shaping the bank’s strategy. Speaking at an industry event in São Paulo, Antunes emphasized the growing momentum behind blockchain-powered settlement systems and acknowledged the potential of stablecoins.
“Itaú has always considered stablecoins as a potential solution. We cannot overlook the power of blockchain to settle transactions efficiently and securely,” Antunes said, with local media highlighting his comments. While stablecoins are not yet a top priority, Antunes noted they remain on the agenda for the bank’s future development.
The renewed focus on stablecoins follows a political shift in the U.S., where lawmakers rejected the idea of a central bank digital currency (CBDC) in favor of fostering private-sector stablecoins to ensure the continued dominance of the U.S. dollar in global markets.
Meanwhile, in Brazil, regulators are currently conducting a public consultation—Consulta Pública No. 111—on how stablecoins can be integrated into the country’s financial framework. Itaú is awaiting the outcome of the consultation and the central bank’s stance on the regulatory framework before proceeding with any internal plans.
Antunes also voiced concerns over a proposal to ban self-custody in Brazil’s draft stablecoin regulations, noting that such a restriction could impact the development of the market. Additionally, Brazil has already prohibited major pension funds from investing in cryptocurrencies, further complicating the landscape.
