Trump targets Brazil's payments system while dollar stablecoins are quietly overtaking country's payments
60-second summary
The US is targeting Brazil's payments system, viewing the country's promotion of non-dollar payment channels, such as Pix, as a potential threat to dollar-based trade. Meanwhile, dollar-linked stablecoins account for approximately 90% of Brazil's crypto transactions, indicating a quiet shift towards stablecoins in the country's payments landscape, with implications for global trade and currency dynamics.
Washington views Brazil’s promotion of non-dollar payment channels, including Pix and the growth of stablecoins, as a potential threat to dollar-based trade, even as dollar-linked stablecoins account for about 90% of Brazil's crypto transactions.