The traditional finance (TradFi) sector is undergoing a significant shift towards blockchain and crypto. In this context, Itaú Unibanco - the largest commercial bank in Brazil and Latin America - is considering the possibility of issuing its own stablecoin.
Why Does Itaú Unibanco Want to Issue a Stablecoin?
Since 2023, #Itaú has begun supporting crypto trading, showing interest in decentralized finance (DeFi) and stablecoins. The issuance of stablecoins is not just a strategic decision, but also an important step to combine the flexibility of blockchain with the reliability of fiat currency. Stablecoins can enhance transaction efficiency, reduce international remittance costs, and attract many new customers.
Legal Barriers in Brazil
Despite its potential, Itaú Unibanco has not yet officially decided to issue a stablecoin. The bank is waiting for clarity from the Brazilian legal framework. Currently, the Brazilian government is working with lawmakers to specifically define stablecoins, including regulations on issuance and management #stablecoin in the financial system.
Additionally, Itaú Unibanco is closely monitoring major banks in the US and Asia to learn from their experiences and address legal challenges when issuing stablecoins.
Stablecoins Are Becoming a Global Trend
The trend of issuing stablecoins is not limited to Brazil. Major banks around the world are also heavily investing in stablecoins:
Japan: Sumitomo Mitsui Financial Group (SMFG) is building infrastructure for stablecoins, especially for applications in tokenized bond trading and real estate. They plan to begin testing by the end of 2025 and officially launch in 2026.
USA: Bank of America is researching the possibility of issuing a stablecoin pegged to the USD, awaiting a legal framework from the US Congress. Meanwhile, the US government is discussing the GENIUS bill to provide clearer regulations on stablecoins.
Trump Administration Supports Private Stablecoins: Since being re-elected, US President Donald Trump has opposed central bank digital currencies (CBDCs), instead supporting stablecoins issued by the private sector. World Liberty Financial (WLFI), a DeFi project backed by his family, is testing the USD1 stablecoin.
XUSD1.00060.00%
Conclusion
Although no official decision has been made, it is clear that Itaú Unibanco is seriously considering joining the stablecoin wave. The issuance of a stablecoin by Brazil's largest bank could represent a major turning point in the acceptance of decentralized finance and blockchain worldwide.