Unbacked Stablecoins Face Ban in Brazil as New Bill Moves Forward

TLDR: Bill 4.308/2024 bans unbacked stablecoins like Ethena’s USDe and Frax in Brazil.  Domestic stablecoins must maintain full reserves and report backing transparently.  Exchanges offering USDT and USDC must verify foreign issuers meet Brazilian standards.  Stablecoins now drive 90% of Brazil’s crypto volume, reaching $6–8B monthly flows.   Brazil stablecoin ban advances as Congress approves [...]

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