On this day, the 18th of March, in the year of our Lord 2026, the illustrious World Trade Center of São Paulo opened its grand doors to the public for the inaugural day of MERGE São Paulo. This splendid event drew together luminaries from both the financial and crypto-asset realms, all gathered to discuss the ever-evolving future of digital assets, whilst perhaps enjoying a delightful cup of tea.
The prevailing theme of the day emerged with an unmistakable clarity: stablecoins have transcended their former life as mere novelties for cryptocurrency enthusiasts and have now taken centre stage as pivotal components of the new global financial architecture, with Brazil basking in the glorious spotlight.
Brazil Shines Brightly with Ripple
This fine nation has been frequently heralded as one of the most rapidly ascending markets for stablecoin-based products. The esteemed Monica Long, President of Ripple, proclaimed that Brazil stands as the company’s most flourishing market, attributing such success to the fruitful collaboration between the private sector and the Central Bank, which seems to be the talk of the town.
“Regulatory clarity is truly everything,” she asserted, insisting that the eagerness of institutions like Itaú and BTG to embrace newfangled technologies fuels this remarkable ascendancy. Ripple is presently in pursuit of obtaining the VASP license within the country, aiming to operate with all due decorum.
Jonathan Levin of Chainalysis lent his voice to this chorus, noting that Brazil was among the first to exhibit genuine enthusiasm for stablecoins in its import and export endeavours, as evidenced by notable volumes in the blockchain transaction data. He also remarked upon the rather unique cohabitation of Pix and the crypto ecosystem, while cautioning about the security predicaments posed by this charming marriage.
“Defenders require the same level of sophistication as attackers,” Jonathan wisely counseled.
He went on to commend the noble coalition of fintechs, banks, prosecutors, and the Brazilian Central Bank in their gallant fight against fraud.
Brazilian regulations, even more nascent than those of the European MiCA framework-having been well-established for over a year-are regarded as a potential boon for this fair land.
“Once the new regulation is in effect, Brazil shall likely possess an advantage over Europe,” opined one of the learned panelists.
From Payments to Capital Markets: A Transformation Befitting the Ages
Where once stablecoins were merely discussed as payment instruments and stores of value, the panels at MERGE indicated a most significant expansion of their use cases toward the institutional market, as if the very heavens had opened to reveal new potentials.
The astute André Portilho of BTG Pactual painted an image of transformation within the wholesale market, where the integration of stablecoins and tokenized funds into repurchase agreements and collateral management might indeed elevate the market from its current state of overnight living to a more sophisticated realm of intraday transactions.
“We are speaking of trillions of dollars moving daily. This completely alters our perception of these markets,” Portilho declared, perhaps with an air of dramatic flair.
Ripple is already embarking on pilot projects in this thrilling direction, collaborating with Singapore’s DBS Bank and the esteemed Franklin Templeton asset manager in utilizing a tokenized money market fund, endearingly dubbed Benji, as collateral within repo operations. Meanwhile, the venerable Aviva Investors from the UK is also partaking in this grand ecosystem, highlighting how their products assist companies such as Core Pay in the efficient movement of funds across the globe.
The Titans Enter the Arena
The adoption of stablecoins by traditional enterprises proved another noteworthy theme at MERGE São Paulo. A representative from BTC2, that renowned global market maker, cited several concrete initiatives:
- Stripe has invested heavily in stablecoins as its own payment rail, as if it were planting a flag on undiscovered shores;
- Western Union has launched its own stablecoin to rival Tether among its vast legion of 150 million monthly users;
- Fidelity has also announced its foray into this burgeoning segment.
Antônia Souza, Director of Blockchain and Crypto for Latin America at Visa, elucidated her company’s strategy as one of connecting the dots between stablecoins, tokenized assets, and CBDCs, all whilst ensuring a user experience so familiar that one might think they were simply ordering tea at their local café.
“Our objective is that the user need not grasp the intricacies of blockchain or stablecoins; they merely need to appreciate that it is a solution to their quandaries,” Antônia stated, no doubt with a knowing smile.
Visa has already enabled issuers and acquirers to settle transactions directly with stablecoins. USDC, USDG, and ROC have all found a home within its global infrastructure, and a stablecoin-backed credit card product is currently under development, much to the delight of consumers.
Ripple Unveils Ripple Dollars and Sets Its Sights on Institutional Investors
Ripple, with a respectable thirteen years in the market and an impressive collection of over seventy-five licenses worldwide, has fortified its stature as a compliant player in this arena.
Their stablecoin, christened in 2024 as “Ripple Dollars” (a title adopted for the sake of convenience, given the tongue-twisting nature of its formal name, RLUSD, in Portuguese), has already nestled itself among the top five dollar-backed stablecoins, gracing exchanges such as Binance, Kraken, Bitso, and Mercado Bitcoin.
This asset is regulated by the illustrious DFS of New York and has received the esteemed approval of the OCC National Trust Charter, accompanied by monthly audits from Deloitte, thus ensuring its integrity.
“We are the sole provider capable of offering the entire end-to-end digital asset lifecycle under one roof,” proclaimed the confident Monica Long.
Tokenization and the Future of Financial Infrastructure: A Most Provocative Discourse
The discourse surrounding DeFi and tokenization has introduced a rather stimulating perspective. André Portilho, ever the inquisitive mind from BTG Pactual, questioned the rationale behind labeling blockchain infrastructures as “risky assets,” while governments and the World Bank issue AAA-rated bonds upon platforms such as Ethereum.
“This presents an incongruity. Over time, I believe managers will come to recognize that these paths are, in fact, less perilous,” he mused.
Looking ahead, predictions suggest heightened involvement from the world’s largest banks in the custody of digital assets, considerable growth in stablecoins supported by currencies beyond the dollar-75% of conversations with Bullish clients already circle this topic-and the emergence of tokenized currency markets as a new frontier of innovation, ripe for exploration.
The Agenda Proceeds Tomorrow at the WTC
MERGE São Paulo 2026 shall continue its illustrious proceedings tomorrow, Thursday the 19th, at the World Trade Center, featuring additional panels on DeFi, institutional adoption, regulation, and startups, ensuring that the conversation remains as lively as a Regency ball.
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2026-03-20 17:45