Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins have soared in 2022, especially during the last two months of the year.
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:
Stablecoins do not pay an admini
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