#209: Nubank's Campos Neto warns against Central Banks ignoring digital assets
Plus: Oranje to become Latam's largest bitcoin treasury company; Genial enables crypto trading
Olá pessoal!
Welcome back to Brazil Crypto Report for the week of September 22-26, 2025.
I was fortunate to attend the Mercado Bitcoin Digital Asset Conference in Sao Paulo last week. This was a great experience hearing directly from multiple former Brazilian Central Bank presidents, including Roberto Campos Neto who is now with Nubank.
Kudos to the Mercado Bitcoin team for putting on a great conference.
👊 Jump into the BCR English language Telegram group if you’d like to continue the conversation
📰 Top Stories this Week
Banco Safra launches its own dollar-backed stablecoin
Oranje BTC to go public on B3 with 3,650 bitcoins in its treasury
21Shares debuts its crypto ETPs on B3
Genial Investimentos enables crypto trading in its app
Campos Neto warns against Central Banks ignoring digital assets
CVM launches tokenized crowdfunding consultation
Thanks for reading and have a great week!
- AWS
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🎙️New Podcasts!
This week’s episode is with Nathan Sexer of the Ethereum Foundation and Romina Sejas of ETH Kipu. Nathan oversees EF’s annual Devcon and Devconnect events - which take place in Buenos Aires this November, while Romina is organizing ETH Latam which is happening in Sao Paulo on November 6-9.
With these and other events happening in the region during Q4 of this year, it is a certainty that the Latam region will be the focal point of the global crypto ecosystem to close out 2025.
We discuss why this marks a critical inflection point for adoption of these technologies in both Latin America and globally.
🙌 Also check out BCR on your preferred podcast platform YouTube | Spotify | Apple Podcasts
Banco Safra launches its own dollar-backed stablecoin
The Safra Dollar will be pegged 1:1 to the U.S. dollar and issued on its proprietary private blockchain in collaboration with Hamsa.
With a minimum investment of R$1,000 and next-day liquidity, the product gives clients a way to dollarize assets without opening an offshore account. The token is backed by short-term dollar operations, and is exempt from Brazil’s IOF tax.
Safra will charge a brokerage fee on the product but no management fee on the product, which will be available in both its app or internet banking interface.
While Safra has offered various crypto products in recent years, the launch marks the bank’s first direct move into stablecoins, building on its existing digital strategy that already features crypto funds and bitcoin ETF exposure.
CoinTelegraph Brasil Portal do Bitcoin BlockNews Exame
Oranje BTC to go public on B3 with 3,650 bitcoins
The entity will become Latin America’s largest digital asset treasury company with 3,650 bitcoins on its balance sheet - six times that of Meliuz, the other large Brazilian BTC treasury play.
Upon debuting on the B3 exchange in early October, Oranje will be among the world’s top 25 largest BTC treasury companies.
The company was founded by ex-Swan Bitcoin and Bridgewater Associates executive Guilherme Gomes and counts the Winklevoss twins, Adam Back, Ricardo Salinas and funds like ParaFi Capital and Off Chain Capital on its cap table.
Speaking at the DAC conference, Gomes explained his motivation:
“When it comes to treasury, the most solid asset on the planet is Bitcoin. This is the future of companies and the economy.”
CoinTelegraph Brasil InfoMoney Portal do Bitcoin Livecoins Valor Exame
Campos Neto warns against Central Banks ignoring digital assets
Roberto Campos Neto warned that ignoring digital assets will only weaken monetary policy, as stablecoins and tokenization reshape financial flows.
He said that central banks are making a mistake by trying to separate the crypto world from the traditional financial system; rather, they should be looking to integrate DeFi and digital assets.
The growing interest in stablecoins, he argued, cannot be ignored - particularly in emerging markets where there are concerns about restrictions on capital outflows and exchange rate stability:
“the less convertible the currency, the greater people’s desire for stablecoins.”
The primary function of stablecoins, however, is not yet transactional, he explained, given that they have three times less turnover. The development of Layer 2 solutions that allow seamless navigation between different stablecoins will be unlock full transactional capability as well as intense competition.
Despite some hiccups in the Drex CBDC project, Campos Neto argued that Brazil remains well-positioned to be a leader in tokenization due to its regulatory climate and fintech infrastructure:
“Just as Brazil has become an example in instant payments, it can also be one in tokenization.”
Cause for concern
He did warn that current margin of stablecoin issuers is a point of concern, as profitability could quickly decline if the US allows yield-bearing assets to be used.
“If this happens, stablecoin issuance will be directly impacted, because the float will decline rapidly.”
He also warned that the trend of citizens withdrawing money from traditional banks to deposit it in a digital wallet will reduce the overall deposit base and, therefore, the ability of banks to issue credit.
“This is already happening in some countries and should be a major topic of debate among monetary authorities over the next six months.”
This combined with indirect dollarization of emerging economies via stablecoins will reduce the ability for central banks to conduct monetary policy.
“The monetary policy channel works through credit. If you have less and less local currency as a credit channel and fewer bank deposits, the ability to implement monetary policy weakens.”
The solution, Campos Neto argued, is for central banks to embrace and integrate these new technologies rather than pushing them away:
“The best way to address this process is to do the opposite of what central banks have been doing.”
In practice, this would mean that banks could include digital assets as deposits, thereby allowing them to issue credit against them. Digital wallets and traditional banks, which would continue to collect deposits and make loans, will function in parallel, he predicted, before eventually converging as regulation and adoption of tokenized deposits becomes more mainstream.
Fiat shitcoins → world of tokens
Campos Neto also warned that conventional fiat currencies globally will continue to weaken, and that there is significant risk that will be used as exit instruments to pay down enormous public debts.
“It’s impossible to say that governments have treated currencies well recently. In several regions, including the United States, sovereign debt levels are very high. There is a growing perception of a lack of ability and conditions to converge these debts.”
All of this will serve to usher in a new model featuring blockchain-based tokens and programmable money.
“We’re moving from an account-based world to a world of tokens.”
CoinTelegraph Brasil InfoMoney Valor Investe Exame Exame Valor
Genial Investimentos enables crypto trading
Brazilian brokerage Genial Investimentos has rolled out crypto trading directly through its investment app, starting with bitcoin, Ethereum, Solana, Litecoin, XRP, USDT and USDC in BRL pairs.
Trades settle in about two seconds with real-time balance updates, no fees, and a minimum entry of just R$10. Crypto holdings are fully integrated into the client’s portfolio dashboard alongside traditional investments, reinforcing Genial’s strategy to diversify offerings.
Luis Resende, a director responsible for digital asset strategy, said that this is “only the beginning,” with future upgrades to enable crypto-to-crypto trading and additional digital asset products in the pipeline.
CoinTelegraph Brasil Portal do Bitcoin CriptoFacil Valor
21Shares debuts its crypto ETPs on B3
21Shares, the world’s largest issuer of crypto ETPs with US$11B AUM, has officially entered Brazil, listing its first products on the B3 exchange.
The firm controls 30% of the European ETP market and offers over 50 products globally, including Europe’s largest Solana fund.
At its São Paulo launch, executives pointed to Brazil’s 25 million crypto investors and pioneering role in ETFs as reasons for expanding. Duncan Moir of 21Shares said:
“What makes this event special is not only 21Shares’ entry into Brazil - as the largest global issuer of cryptoasset ETPs - but also the broader context: Brazil is consolidating itself as one of the most promising markets for digital assets worldwide. This listing reflects both international recognition of Brazil’s role in shaping the future of finance and its commitment to making access to crypto easier for local investors.”
Unlike ETFs, ETPs are directly backed by crypto custody, giving investors transparent exposure without managing wallets or keys.
CoinTelegraph Brasil Valor Investe Portal do Bitcoin Valor Exame
CVM launches tokenized crowdfunding consultation
The CVM launched a public consultation with the goal of replacing Resolution 88 with a modernized framework for crowdfunding and tokenization.
The proposal seeks to raise fundraising caps (up to R$50m for securitizers), allows new issuers such as cooperatives and rural producers, and introduces flexibility in secondary markets, lock-up rules, and reinvestment.
Regulators stress that tokenization does not change the legal nature of assets but should be integrated transparently with Brazil’s capital markets.
CoinTelegraph Brasil Valor Investe BlockNews Portal do Bitcoin Valor Exame
🗞Brazil Crypto News Rundown
📈 Markets
Payments giant EBANX is rolling out support for USDT and USDC, enabling global merchants on its platform like Spotify, Airbnb, and Shopee to accept stablecoin payments across Latin America and other emerging markets. (CoinTelegraph Brasil) (Portal do Bitcoin)
Speaking at DAC, former Brazilian Central Bank president Gustavo Franco slammed Brasília’s fiscal policy - warning that the government “only knows the G key—for spending” - as gross debt climbs past R$8 trillion. He also argued that assets like crypto and gold are functioning as “lottery tickets” in an era of monetary turbulence. (CoinTelegraph Brasil) (InfoMoney)
A new BlackRock study shows that allocating even 1–5% of a Brazilian portfolio to bitcoin significantly boosts returns while reducing long-term volatility. The information was presented at MB’s DAC conference. (CoinTelegraph Brasil)
BlackRock revealed at DAC that pensions, endowments, and universities in countries like Brazil, Peru, Chile and Colombia are among the buyers of its IBIT Bitcoin ETF. (CoinTelegraph Brasil)
Etherfuse and Loopscale are bringing Brazilian treasury bonds onchain via Solana, with leveraged DeFi positions offering yields up to 37.5% on TESOURO RWA tokens. (CoinTelegraph Brasil)
Hashdex expanded its Nasdaq Crypto Index US ETF (NCIQ) to include XRP, Solana, and Stellar alongside Bitcoin and Ethereum - giving investors exposure to five of the largest cryptocurrencies in a single product. (Portal do Bitcoin) (Livecoins) (CoinTelegraph Brasil) (Exame)
Ex-Central Bank president Franco said that the US dollar is unlikely to be unseated anytime soon as the world’s premier currency for international trade. Speaking at the DAC, he said:
“As far as the eye can see, it won’t change. It’s not just a currency, it’s a jurisdiction and a means of paying and receiving…Try convincing a Brazilian exporter to receive their revenue in renminbi, leave the money deposited in Shanghai, and invest there in CDBs from local banks or in bonds from local companies or the Chinese government.” (Portal do Bitcoin)
A new MEXC report argues that Latin America has become the “cultural heart” of global crypto adoption, with memecoin ownership climbing from 27% to 34% and 63% of newcomers motivated by passive income opportunities. (Portal do Bitcoin)
📲 Adoption
Brazilian DeFi platform PicNic launched a mobile app that integrates its Visa crypto card with Pix and stablecoins using Avenia’s underlying infrastructure. This lets users spend USDC for everyday purchases. CEO Joao Ferreira explained:
“As soon as the user makes a Pix, the amount is tokenized in BRLA and converted to USDC directly in the card wallet, becoming immediately available for spending.” (CoinTelegraph Brasil)
Tokenization represents a once-in-a-generation opportunity to disrupt Brazil’s R$3.6 trillion private credit market, which MB chairman Roberto Dagnoni argued is ripe for digitization. This depends, however, on clear regulatory taxonomy for issuers to abide by. (Portal do Bitcoin) (InfoMoney)
Florianópolis will host Anarcópolis 2025 (Nov. 28–30), a libertarian gathering featuring debates on individual sovereignty, parallel institutions, and Bitcoin as a core theme. (Livecoins)
Mercado Bitcoin will expand its Digital Assets Conference brand to New York and Lisbon in 2026. (CoinTelegraph Brasil) (Portal do Bitcoin)
U.S.-based RT-One will invest over R$6B to build Latin America’s largest AI data center in Uberlândia (MG), with 100MW initial capacity, 400MW planned, and 100% renewable energy. (Cointelegraph Brasil)
Nubank hired Michael Rihani, who previously held leadership roles at Coinbase, Cash App, Tesla, and Apple, as its new crypto director, overseeing growth of Nubank Cripto - which already serves 6.6 million users. (Portal do Bitcoin) (Valor)
Brazilian startup Magie launched MCoin, a crypto cashback token for Pix payments via WhatsApp, created with ex-Nucoin developers and initially redeemable through partner benefits rather than trading. (Portal do Bitcoin) (CoinTelegraph Brasil) (Valor)
Brazil’s real estate registrars have asked the National Council of Justice to nullify a new COFECI resolution recognizing property tokenization, arguing only CNJ can regulate real estate rights - setting up a turf war between registrars, brokers, and tokenization startups. (Valor)
🏛 Policy, Regulation and Enforcement
Central Bank regulation director Gilneu Astolfi Vivan met with Binance executives and ABToken representatives in São Paulo to discuss crypto regulation, as the Central Bank signals new rules focused on stablecoins by year-end. (Portal do Bitcoin)
Congress is weighing the “MP of 17.5%,” which could create a one-off amnesty program for undeclared crypto, slashing income tax from 17.5% to 5% and waiving penalties for assets of legal origin. (CoinTelegraph Brasil) (Portal do Bitcoin) (InfoMoney) (CriptoFacil) (Valor)
Central Bank director Antonio Marcos Guimarães warned that rushing into stablecoin regulation without clear definitions risks “regulating what is already regulated,” referring to Bill 4932, which he says currently casts such a wide net that tokenized bonds or receivables could be lumped into the stablecoin category. (CoinTelegraph Brasil) (Valor Investe) (Exame)
A São Paulo man is accused of running serial romance scams, luring women with promises of “crypto investments for the future” but diverting more than R$100k into daily expenses and a sports betting addiction. (CoinTelegraph Brasil)
Recovered chats from the Central Bank Pix hack, via C&M, show the attackers planned to wash stolen funds through Bitcoin and USDT - and one alleged “crypto launderer,” known as Blady, has already been arrested as police seized R$5.5m in crypto. (Portal do Bitcoin)
Speaking at Fintouch 2025, Central Bank regulation chief Mardilson Queiroz said Brazil is “living in a scenario of concern” and highlighted new rules underway for BaaS, VASPs, eFX, and payment institution capital requirements. This signals that the bank is tightening oversight across fintech and crypto infrastructure. (BlockNews)
“Pharaoh of Bitcoins” Glaidson Acácio dos Santos will be transferred from Catanduvas prison back to Rio de Janeiro in October to face in-person hearings tied to the GAS Consultoria pyramid scheme. (Portal do Bitcoin) (Livecoins)
Operation Lusocoin, led by Brazil’s Federal Police with technical support from Binance, TRM Labs and U.S. partner T3 FCU, froze ~4.34 million USDT (~R$22.5m) and dozens of bank accounts and wallets in a money-laundering probe tied to a network operating from Dubai. (CriptoFacil) (Portal do Bitcoin)
Court employees in Pará have been targeted by a sextortion campaign demanding bitcoin, with attackers threatening to leak fabricated sexual content unless payments are made. (Livecoins)
Supreme Court justice Alexandre de Moraes ordered the return of seized assets belonging to crypto coach William Borges, arrested in 2021 in Operation Kryptos alongside the “Bitcoin Pharaoh.” (Livecoins)
Deputy Júlia Zanatta introduced a proposed constitutional amendment to make CBDC creation an exclusive prerogative of Congress, also banning elimination of paper money unless approved by two-thirds of lawmakers. (Portal do Bitcoin)