Itaú Unibanco, the largest financial institution in Brazil by assets, is exploring the possibility of launching its own stablecoin, contingent on regulatory developments in Brazil and the performance of similar initiatives by U.S. financial institutions.
Guto Antunes, the head of digital assets at Itaú, indicated that the decision would largely depend on the progress of stablecoin initiatives in the U.S. Speaking at an industry event in São Paulo, Antunes expressed the bank’s ongoing interest in blockchain technology, particularly for its ability to facilitate atomic settlement of transactions.
“Stablecoins have always been a topic of interest for us. We can’t overlook the potential of blockchain to settle transactions instantly and securely,” Antunes noted, further emphasizing that the matter remains a key point of discussion within Itaú.
The increased attention on stablecoins comes after a shift in U.S. policy, where lawmakers rejected the idea of a central bank digital currency (CBDC) and instead opted to focus on private stablecoins to maintain the dominance of the U.S. dollar.
Meanwhile, in Brazil, the central bank is conducting a public consultation process—Consulta Pública No. 111—focusing on how stablecoins could be integrated into the country’s financial ecosystem. Itaú is closely monitoring the consultation and awaiting the central bank’s final regulations before taking further steps.
Antunes also raised concerns regarding a proposed ban on self-custody in Brazil’s draft stablecoin regulations, highlighting potential challenges for the future of the digital asset market. Additionally, the Brazilian government’s restrictions on cryptocurrency investments by major pension funds add another layer of complexity for institutions like Itaú as they consider entering the stablecoin market.
