Scan with your phone to get the appBrazilian companies turned to stablecoins on election day to dodge a currency crash
On election Sunday, Brazilian firms flooded the Mercado Bitcoin exchange, accounting for 78% of trading volume. USDT turnover jumped almost 800% from the prior week and more than three times the average of the previous four Sundays, while Bitcoin trading surged 865%.
After Lula’s surprise victory, the Ibovespa fell 14% and the real weakened over 8% against the dollar, its biggest daily drop since 1999. Analysts said fiscal pressures would strain the real, making stablecoins such as USDT and USDC a quick way for companies to dollar‑denominate part of their assets.
Biscoint data showed USDT and USDC turnover against the real rose 150% and 318% respectively compared with the previous Sunday. The combined USDT/USDC volume reached 1.84 billion reais (≈ $350 million) on the following day, 65% higher than the week before, while Bitcoin trading rose more than ninefold.
Summary rewritten by AI from the original article by CoinDesk.
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