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.