Stablecoins are pegged to real-world assets, such as the U.S. dollar, and therefore fluctuate much less than other crypto assets like bitcoin. Speaking at a Bank for International Settlements event in Mexico City, Galipolo said policymakers see this trend as primarily driven by the use of cryptocurrencies as a means of payment, posing challenges for oversight and regulation. He also argued that Brazil's Drex is not fundamentally a central bank digital currency but rather an infrastructure aimed at improving credit with collateralized assets, in a context where local financing costs are high due to the limited use of guarantees.
