Trump Targets Brazil's Payments System As Stablecoins Rise

Washington is moving against Brazil’s Pix instant-payment system even as dollar-linked stablecoins account for about 90% of the country’s crypto transaction volume. The U.S. will impose a 25% tariff on most Brazilian goods on July 22, and the case marks the first time Washington has used Section 301 to target a country’s domestic payment system, according to CoinDesk, citing concerns over Pix and dollar-based payment infrastructure. Brazilian regulators are also moving to curb stablecoins in regulated cross-border payments, while the central bank builds Drex.