Itaú Unibanco, Brazil’s largest financial institution and a dominant banking force throughout Latin America, is actively considering the issuance of its own stablecoin as part of a strategic expansion into digital assets. The potential move was disclosed by Guto Antunes, the bank’s head of digital assets, during an industry event in São Paulo earlier this week.
Banks worldwide are turning their attention to stablecoins, and Itau Unibanco, Brazil’s largest bank, is leading the charge! 🇧🇷 With over 55 million customers, they’re exploring the possibility of launching their own stablecoin!
Guto Antunes, head of digital assets at Itau,…
— Bitcoin.com News (@BTCTN) April 3, 2025
With a customer base exceeding 55 million, Itaú’s interest in blockchain-based digital currencies marks a significant development in the mainstream adoption of cryptocurrency technologies by traditional financial powerhouses in the region.
“The issue of stablecoins has always been on Itaú’s radar,” Antunes confirmed during his presentation. “We cannot ignore the power that blockchain has to settle transactions atomically.” He emphasized that the technology’s ability to facilitate instant, final settlement presents compelling use cases for a bank of Itaú’s scale.
Strategic Timing Follows Global Trends
The bank’s renewed focus on stablecoins comes amid a notable pivot in the United States, where lawmakers have recently rejected a central bank digital currency (CBDC) in favor of encouraging private stablecoin alternatives, partly motivated by preserving the dollar’s global dominance.
“The interest has surged after the pivot of the U.S. government’s stance on crypto, and the relevance that stablecoins have taken after being mentioned as tools to promote and protect the sovereignty of the dollar,” Antunes elaborated.
Industry analysts note that timing is strategic, as several major U.S financial institutions have either launched or announced plans for dollar-backed stablecoins in recent months. Itaú appears to be positioning itself at the forefront of this trend in Latin America, potentially gaining first-mover advantage in Brazil’s growing digital assets market.
Brazilian Real-Backed Stablecoin Not Excluded
While no specific timeline has been announced, Antunes indicated that even a stablecoin pegged to the Brazilian real remains a distinct possibility. “We are always open to understanding for our client whether it makes sense to have a stablecoin, even one in reals, within Itaú,” he stated.
Financial technology experts suggest this could represent a significant development for Brazil’s monetary ecosystem, potentially enhancing cross-border payments and providing a regulated bridge between traditional banking and decentralized finance applications.
Awaiting Regulatory Framework
The bank’s cautious approach includes evaluating the experiences of other financial institutions that have already ventured into stablecoin issuance, particularly in the United States. However, the decisive factor appears to be the finalization of stablecoin regulations currently under development in Brazil.
Brazil’s Central Bank is conducting a public consultation—Consulta Pública No. 111—focused specifically on how stablecoins might fit into the existing financial system. According to sources familiar with the process, the consultation aims to establish clear guidelines on issuance requirements, reserves management, and consumer protections.
Self-Custody Debate
A particularly contentious element of the proposed regulatory framework involves potential restrictions on self-custody of stablecoins. A recent regulatory draft included provisions that might ban users from holding stablecoins in personal wallets, requiring them instead to be held by regulated entities.
Antunes has suggested a compromise position on this issue, advocating for “an intermediate approach” that would establish a central bank-approved list of self-custody wallets, thereby enabling supervision while preserving some level of user autonomy.
“Releasing them indiscriminately loses the objective of preventing illegal acts,” he noted, while acknowledging the importance of finding balance between regulatory oversight and innovation.
Market Impact and Industry Reaction
Stablecoins have already demonstrated significant utility in both the United States and Brazil, where they facilitate a substantial portion of cryptocurrency transactions. Between July 2023 and June 2024, stablecoin transaction values on Brazilian exchanges increased by approximately 207.7%, surpassing other cryptocurrencies, including Bitcoin, highlighting growing demand for these assets.
Roberto Campos, a cryptocurrency analyst at São Paulo-based investment firm Mercado Capital, called Itaú’s potential entry “a watershed moment for legitimizing digital assets in Brazil.”
“When the country’s largest bank considers issuing a stablecoin, it signals to the entire market that these technologies are here to stay,” Campos told this publication. “The question is no longer if traditional banks will embrace blockchain, but how quickly and to what extent.”
Broader Implications
Itaú’s exploration of stablecoin issuance reflects a broader trend across Latin America, where several countries are actively developing regulatory frameworks for digital assets. The region has seen particularly strong cryptocurrency adoption rates, driven partly by historical monetary instability and currency devaluation in several nations.
Brazil has positioned itself as a regional leader in crypto regulation, with its central bank taking a measured, deliberate approach to establishing rules that protect consumers while fostering innovation.
As Itaú awaits regulatory clarity before proceeding with any stablecoin issuance, the financial sector will be watching closely to see how this potential move by Latin America’s banking giant might reshape the digital currency landscape throughout the region.
