According to CoinDesk, Brazilian companies turned to stablecoins on election day in an apparent effort to manage exposure amid expectations of a Brazilian currency decline. On the day of the election, trading activity for USDT increased sharply on Mercado Bitcoin, with volume rising nearly 800%. Bitcoin volume also rose by about 865% during the same period. In Brazil’s USDT/BRL market, offered through Binance, trading volume tripled relative to typical levels. Meanwhile, the global BTC/USDT pair experienced a decline in volume.
