Brazilian companies turned to stablecoins on election day to dodge a currency crash
Brazilian companies moved heavily into crypto after Lula da Silva defeated Flávio Bolsonaro, seeking to protect treasuries from anticipated pressure on the real and public finances. Mercado Bitcoin said corporate accounts accounted for 78% of Sunday trading; USDT turnover rose nearly 800% week over week and bitcoin trading jumped 865%. Other platforms also recorded sharp increases in real-denominated stablecoin trading. Activity continued Monday, when USDT and USDC turnover reached 1.84 billion reais, up 65% from the prior week. The market response followed a 14% Ibovespa drop and an over 8% rise in the dollar against the real. Bitcoin gained against the real while slipping slightly against USDT, indicating currency repricing rather than a broader crypto rally.
