Brazilian companies turned to stablecoins on election day to dodge a currency crash
Corporate accounts drove 78% of Mercado Bitcoin's election-day volume as firms hedged against real devaluation after Lula's unexpected win
Brazilian companies rushed into stablecoins on election day to protect their treasuries from the fallout of an election that saw incumbent President Luiz Inácio Lula da Silva unexpectedly defeat challenger Flávio Bolsonaro. Corporate accounts generated 78% of trading on crypto exchange Mercado Bitcoin, with USDT volume jumping nearly 800% and bitcoin volume surging 865% from the previous Sunday, the exchange said.