Brazil, the second-largest market for stablecoin transactions, could be set to ban stablecoin withdrawals to self-custodial wallets like MetaMask.
Brazil is considering a potential ban on stablecoin withdrawals to self-custodial wallets, coinciding with the Brazilian real hitting all-time highs against the United States dollar.
On Nov. 29, Banco Central do Brasil (BCB), the central bank of Brazil, issued a proposal to ban transfers of stablecoins like Tether’s USDt (USDT) to self-custodial wallets like MetaMask.
The proposal is part of draft regulation and is subject to public consultation until Feb. 28, 2025.
