Brazilian firms shifted to stablecoins on election day to avoid a currency slide

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On election day, Brazilian companies reportedly moved heavily into stablecoins as a hedge against a feared currency crash. USDT volume on the exchange Mercado Bitcoin rose nearly 800%, while bitcoin volume there climbed 865%. On Binance, the USDT/BRL trading market tripled in activity, even as the global BTC/USDT pair declined. The shift points to local demand for dollar-pegged digital assets as a way to protect against real volatility around the vote.

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