Stablecoin Trading Surges in Brazil on Election Day
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Brazilian companies sought stablecoins to hedge currency risk on election day, as local exchanges recorded sharp increases in USDT and bitcoin trading.
Brazilian companies turned to stablecoins on election day to reduce exposure to a potential currency slump, according to CoinDesk.
Mercado Bitcoin recorded a nearly 800% increase in USDT trading volume. Bitcoin volume on the exchange rose 865%.
On Binance, trading volume in the USDT/BRL market tripled, while volume in the global BTC/USDT pair declined. The figures showed stronger activity in Brazilian markets despite the drop in that global trading pair.
Source: CoinDesk
