Brazilian companies turned to stablecoins on election day to dodge a currency crash
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.
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Resumen
- Corporate accounts drove 78% of Mercado Bitcoin’s election-day volume as companies sought to hedge currency risk while traditional markets were shut, the exchange said.
- USDT volume on Mercado Bitcoin jumped nearly 800% and bitcoin volume surged 865% from the previous Sunday.
- The Ibovespa fell 14% Monday, its worst day since 2020, after incumbent Luiz Inácio Lula da Silva beat Flávio Bolsonaro, whom prediction markets had priced as a roughly 80% favorite.
