São PauloBrazilian companies fled into dollar stablecoins before Lula’s win.
The dollar then jumped more than 8% against the real, its largest daily gain since 1999.
Corporate accounts made 78% of Mercado Bitcoin’s Sunday trading, and Tether turnover rose nearly 800%, the exchange said.
Lula’s team targets a budget surplus of 1.3% of GDP by 2030, but Brazil’s public debt exceeds 82%.
Investors now watch Lula’s choice of finance minister for his fiscal approach.
How each outlet framed it
drawn from 450+ reports worldwide
- CoinDesk
- reads the Brazilian run to stablecoins through Mercado Bitcoin data: corporate accounts drove 78% of Sunday trading, USDT volume up ~800% week on week
- Al Jazeera Online
- frames the sell-off as a trader unwind of Bolsonaro bets, quoting CNAS's Rachel Ziemba that the scale of the win means the result will stand
Sources: CoinDesk, Al Jazeera Online