Itaú Unibanco, the largest bank in Brazil and Latin America with over 55 million customers, is seriously considering the possibility of issuing an internal stablecoin, in a context where stablecoins are playing an increasingly important role in the global financial ecosystem.
At an internal event, Mr. Guto Antunes, Itaú's Digital Assets Director, shared that stablecoins have always been a topic of interest in the bank's long-term strategy:
"We cannot ignore the power of blockchain in instant transaction payments. The stablecoin issue has always been on Itaú's radar."
Notably, Mr. Antunes does not rule out the possibility of issuing a stablecoin pegged to the Brazilian real, depending on actual customer demand:
"We are always ready to explore what it means for our customers to own a stablecoin – including a real-pegged stablecoin."
Despite showing clear interest, Itaú is currently in the stage of evaluating experiences from other financial institutions globally – especially US banks – in issuing stablecoins. The bank is also waiting for the completion of the stablecoin legal framework in Brazil before taking official action.
Mr. Antunes noted that stablecoins have proven their practical utility in both the US and Brazil, especially in crypto leverage transactions, and called stablecoins the "hottest topic in the market right now."
Regarding the proposed ban on users' self-custody of stablecoins – mentioned in a recent draft regulation – Mr. Antunes suggests an intermediate solution instead of a complete ban:
"We can establish a list of self-custody wallets approved by the central bank, helping regulators still monitor money flows."
He concluded that allowing free stablecoin storage without a monitoring mechanism would nullify the goal of combating illegal activities.
Itaú Unibanco's consideration of issuing a stablecoin – especially one pegged to the local real currency – shows that the wave of blockchain and digital asset integration into traditional banking systems is spreading across Latin America. However, steps will be taken cautiously, in line with state regulations and lessons from the international market.
