Brazil's Galipolo sees surge in crypto use, says 90% of flow tied to stablecoins


Director of Monetary Policy of the Central Bank of Brazil Gabriel Galipolo, who has been nominated to be the new President of the Central Bank of Brazil, attends a press conference at Central Bank of Brazil's headquarters in Brasilia, Brazil December 19, 2024. REUTERS/Adriano Machado/File Photo

(Reuters) - Brazil's central bank chief Gabriel Galipolo said on Thursday that crypto asset usage in the country has surged over the past two to three years, with around 90% of the flow linked to stablecoins.

Stablecoins are pegged to real-world assets, such as the U.S. dollar, and therefore fluctuate much less than other crypto assets like bitcoin.

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