Stablecoins Dominate Brazil's Cryptocurrency Market, Says Central Bank Chief

According to Odaily, Gabriel Galipolo, the Governor of Brazil's Central Bank, has highlighted the dominance of stablecoins in the country's cryptocurrency transactions. Speaking at an event organized by the Bank for International Settlements in Mexico City, Galipolo noted a significant surge in the use of digital assets in Brazil over the past three years. He stated that 90% of cryptocurrency usage in the nation is linked to stablecoins. Galipolo emphasized the regulatory and oversight challenges posed by the widespread use of stablecoins in the payment sector, particularly concerning taxation and money laundering.