Brazil stablecoin trading soars as firms hedge Lula election shock

Brazilian companies have turned heavily to dollar-backed stablecoins following the October 25 presidential runoff, with corporate accounts generating 78% of Mercado Bitcoin's Sunday trading as Luiz Inácio Lula da Silva defeated Flávio Bolsonaro. Corporate accounts generated 78% of Mercado Bitcoin's election-day trading volume as companies sought currency protection. USDT trading surged nearly 800%, while Bitcoin volume rose 865% on Mercado Bitcoin. Brazil's Ibovespa plunged 14%, while the dollar gained over 8% against the real after Lula's victory. Across monitored exchanges, USDT and USDC trading against the real rose 150% and 318%, respectively. Kalshi assigned Bolsonaro an 84% chance of winning before Lula secured the presidential runoff. According to figures provided by Mercado Bitcoin, USDT turnover rose nearly 800% from the previous Sunday, while Bitcoin trading climbed 865%.

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