Brazilians Harness Stablecoins as Dollar Replacement
The popularity of stablecoins in Brazil is soaring as investors and companies are looking to take refuge in the U.S. dollar to hedge against the volatility of the asset market. Executives from several exchanges have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year.
Jose Artur Ribeiro, CEO of Coinext, a national exchange, told local newspaper O’Globo about the benefits that using stablecoins presents, versus using dollars in bank accounts. He stated:
