According to online reports, Gabriel Galipolo, President of the Central Bank of Brazil, said that stablecoins dominate cryptocurrency transactions in Brazil. Galipolo told the Bank for International Settlements event in Mexico City that Brazil's digital asset use has surged in the past three years. Galipolo said that 90% of the country's cryptocurrency use can be pegged to stablecoins. Galipolo highlighted the regulatory and supervisory challenges posed by the widespread use of stablecoins in the payments sector, particularly in the areas of taxation and money laundering.