Brazilian companies turned to stablecoins on election day to dodge a currency crash
Summary
Brazilian businesses heavily utilized stablecoins during the recent election day to protect themselves against potential currency volatility. Trading volumes for digital tokens spiked significantly on major platforms like Mercado Bitcoin and Binance as market activity intensified.
USDT volume on crypto exchange Mercado Bitcoin jumped nearly 800% and bitcoin volume surged 865%. Binance’s USDT/BRL market tripled while the global BTC/USDT pair fell.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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