Itaú Unibanco Explores the Potential of Issuing a Stablecoin
Itaú Unibanco, recognized as Brazil’s largest financial institution by assets, is currently assessing the possibility of launching its own stablecoin. This exploration comes at a time when regulatory discussions are evolving, particularly as U.S. financial entities gradually enter the stablecoin sector. Guto Antunes, the head of digital assets at Itaú, indicated that the bank’s decision may be influenced by the performance of American institutions as they implement their stablecoin initiatives.
Speaking at a recent industry event in São Paulo, Antunes highlighted the increasing momentum surrounding blockchain-based settlement systems. He stated, “Itaú has always had stablecoins on its radar. We cannot ignore the strength that blockchain has to settle transactions atomically,” according to local media reports. At this stage, stablecoins continue to be a significant topic on the agenda for the bank.
This renewed interest in stablecoins is particularly notable following a political shift in the United States, where lawmakers opted to reject a central bank digital currency (CBDC) in favor of promoting private stablecoin alternatives. This move aims to preserve the dominance of the U.S. dollar on the global stage.
In Brazil, the regulatory landscape is also evolving, with authorities conducting a public consultation known as Consulta Pública No. 111. This consultation focuses on how stablecoins can be integrated into the existing financial framework. Antunes mentioned that Itaú is closely monitoring the regulatory guidelines set forth by the central bank before proceeding with any internal projects related to stablecoins.
Additionally, Antunes expressed concerns regarding a proposed ban on self-custody in the draft stablecoin regulations in Brazil. It’s important to note that the country has already prohibited major pension funds from making investments in cryptocurrencies, highlighting the cautious approach that regulators are taking in this rapidly evolving financial landscape.
