Brazilian firms accelerate stablecoin trading during presidential election

Brazilian companies sharply increased trading in dollar-backed stablecoins during Sunday’s presidential election, seeking protection against currency volatility as the country’s conventional financial markets remained closed. Corporate accounts accounted for 78% of trading volume on cryptocurrency exchange Mercado Bitcoin on 25 October, when President Luiz Inácio Lula da Silva defeated challenger Flávio Bolsonaro. Turnover in Tether’s dollar-pegged USDT token jumped nearly 800% compared with the preceding Sunday, while […] The article Brazilian firms accelerate stablecoin trading during presidential election appeared first on Arabian Post.