X @Wu Blockchain

Brazil moves closer to banning algorithmic stablecoins as a congressional committee approved Bill 4,308/2024, requiring all stablecoins to be fully backed by segregated reserves and prohibiting unbacked models such as Ethena’s USDe and Frax. The bill introduces criminal penalties of up to eight years in prison for issuing unbacked stablecoins and places compliance and risk-management obligations on exchanges offering foreign stablecoins like USDT and USDC. https://t.co/lsXsPuXlop ...