So, here we are, folks! Itaú Unibanco, the largest bank in Brazil and Latin America, is contemplating the creation of a real-pegged stablecoin. Yes, you heard that right! They’re waiting for the Central Bank to finish its public consultation, which sounds suspiciously like a fancy way of saying, “We’re not quite sure what we’re doing yet.”
According to the ever-enthusiastic Guto Antunes, the Head of Digital Assets at Itaú Unibanco (because “Digital Assets” sounds way cooler than “Guy Who Handles Money”), stablecoins have been on their radar for ages. I mean, who wouldn’t want to dive into the world of digital currency while clutching a good old-fashioned Brazilian real? It’s like trying to make a caipirinha with expired limes—risky but potentially refreshing!
“Of course, it is always on the agenda. Stablecoins have always been on Itaú’s radar. We cannot ignore the power of blockchain to settle transactions atomically,” stated Antunes.
Ah, yes, the “power of blockchain.” It’s the buzzword equivalent of saying you’re on a “cleanse” when you really just mean you’re avoiding pizza for a week. Antunes went on to stress the importance of the Central Bank’s public consultation (Consultation No. 111, for those keeping score at home) about the stablecoin market. Because nothing says “we’re ready to innovate” like waiting for bureaucratic approval!
“It depends on the consultation because we have to understand what can be done. The stablecoin market has already gained usability for the customer, but we need to know how we can advance on the topic,” he comments.
In a twist that would make any soap opera writer proud, Antunes also threw in his two cents about self-custody of stablecoins. Apparently, this could face restrictions under the proposed framework. He suggested a waiver system that would allow the Central Bank to peek at taxpayer assets while still letting people feel like they’re in control. It’s like saying, “Sure, you can have your cake, but I’m going to take a slice first.” 🍰
“If it is released indiscriminately, it loses the objective of preventing illicit acts,” he remarked.
So, there you have it! Itaú Unibanco’s foray into the world of a Brazilian real-pegged stablecoin is just one part of a larger trend where banks are launching their own in-house stablecoins. It’s like a digital currency party, and everyone’s invited—except for the Central Bank, who’s still trying to figure out if they should RSVP.
And let’s not forget the U.S. and its cozy relationship with private stablecoins, especially after Trump decided that a central bank digital currency was about as appealing as a root canal. So, grab your popcorn, folks! This stablecoin saga is just getting started! 🍿
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2025-04-03 19:53