Stablecoin Users Alert: Brazil Eyes Ban On Withdrawals To Self-Custody Wallets

Tether, the company behind the issuance of usdt, the biggest dollar-pegged stablecoin in the cryptocurrency market, has announced its stablecoin will be available at more than 24,000 ATMs in Brazil. Smartpay, a cryptocurrency systems provider, integrated its technology stack with Tecban, an ATM provider in Brazil, to make this possible. Tether and Smartpay to Bring USDT to the Masses in Brazil Stablecoins have been of pivotal importance to some countries in Latam, due to their unique economic circumstances. Tether, the biggest stablecoin issuer, is now bringing USDT, its....

Picpay, a payments and wallet app, is now providing cryptocurrency services to more than 30 million users in Brazil. The company, that had announced this rollout last month, now allows its customers to purchase, hold, and sell digital assets from its platform. The organization partnered with Paxos, the issuer of the pax dollars stablecoin, in order to provide these services. Picpay Launches Crypto Trading Services in Brazil Fintech companies are introducing crypto as a way of getting their customers acquainted with cryptocurrency as an alternative investment opportunity. Picpay,....

A new kind of custody could help alleviate issues presented by third-party custody like exchanges and first-party custody like hardware wallets.

With Johann Steynberg now in custody in Brazil, a lawyer has suggested that South Africa may have to resort to an existing legal assistance agreement with Brazil if it wishes to have the CEO extradited. However, the success of any such extradition will depend on the next steps taken by authorities in Brazil. Steynberg Extradition Options Following the capture of Johann Steynberg, the CEO of Mirror Trading International (MTI) by Brazilian law enforcement, lawyer Darren Hanekom has confirmed that South Africa does have in place a legal assistance agreement with Brazil. According....

Stablecoin runs could occur if users lose confidence in the issuer or its network. The European Central Bank has warned the global community about the risks of so-called “stablecoin runs.”Analogous to the term “bank runs” in the traditional financial system, stablecoin runs could occur if end users lose confidence in the issuer or its network, the ECB writes in a report released Tuesday. In traditional finance, a bank run occurs when a large number of customers withdraw their deposits simultaneously over concerns of the bank’s solvency. As more people withdraw their funds, the probability....