{"id":96522,"date":"2025-11-05T12:15:42","date_gmt":"2025-11-05T15:15:42","guid":{"rendered":"https:\/\/murray.adv.br\/?p=96522"},"modified":"2025-11-05T12:15:42","modified_gmt":"2025-11-05T15:15:42","slug":"central-bank-shuts-drex-platform-clearing-path-for-stablecoins","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/central-bank-shuts-drex-platform-clearing-path-for-stablecoins\/","title":{"rendered":"Central Bank shuts Drex platform, clearing path for stablecoins"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Cost, privacy concerns lead to pivot as banks explore their own digital currencies<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\">11\/05\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<div class=\"row medium-uncollapsed content-top-image\" data-block-type=\"featured-image\" data-block-id=\"0\">\n<div class=\"column medium-centered medium-22 large-20 desktop \" style=\"text-align: center\">\n<figure class=\"content-featured-figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-featured-image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/oLnTLWJ5ygq8GaFNej06fmqIlNY=\/0x0:984x331\/888x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2023\/1\/Q\/uW2krQS6iu1paKV94cdg\/53100738843-b214afcd15-o-1-.jpg\" alt=\"Drex\u2019s second phase, launched in October 2024, is expected to conclude with a final report in early 2026\" width=\"984\" height=\"331\" \/><figcaption class=\"content-featured-caption\"><em>Drex\u2019s second phase, launched in October 2024, is expected to conclude with a final report in early 2026 \u2014 Photo: Divulga\u00e7\u00e3o\/Banco Central<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles active-capital-letter\" data-block-type=\"unstyled\" data-block-weight=\"53\" data-block-id=\"2\">\n<p class=\" content-text__container theme-color-primary-first-letter\" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Brazil\u2019s Central Bank has decided to shut down the blockchain-inspired platform used in the first two phases of Drex, its central bank digital currency (CBDC) project. The move signals a major shift in direction, prompted by high maintenance costs and unresolved privacy issues in transaction processing, people familiar with the matter told Valor.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The decision followed a meeting on Tuesday (4) between the Central Bank and private-sector consortia involved in the project. Valor had already reported in August that the Drex platform based on distributed ledger technology (DLT) would not be used in the next stage of development. Discussions for phase three are expected to begin in early 2026.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Experts say the weakening of Drex opens the door to privately issued tokenized assets and stablecoins, which may replace a state-backed CBDC.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Shift to private alternatives<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Stablecoins are cryptocurrencies pegged 1:1 to traditional currencies, offering the programmability of digital assets without the need for intermediaries to settle transactions.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Henrique Teixeira, Latin America head of tokenization platform Hamsa, said shutting down Drex is a \u201ccold shower\u201d for those involved in its development but does not mean the end of tokenization in Brazil. \u201cBanks are likely to develop their own stablecoins now,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In April, Ita\u00fa Unibanco said it was exploring the possibility of launching its own stablecoin, pending regulation from the Central Bank, which is expected this month.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mr. Teixeira pointed to Safra Bank as a model: in September, it issued a dollar-pegged stablecoin to provide clients with exchange rate exposure at lower cost, avoiding Brazil\u2019s financial transactions tax (IOF) and traditional foreign exchange market fees.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"69\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Banks could also launch real-pegged stablecoins to settle transactions involving tokenized assets that are currently outside the crypto world, such as debentures, receivables, and investment funds. \u201cInitially, the winners will be those who can move fastest. Larger banks, in the S1 and S2 categories\u2014which include financial institutions with the largest volume of assets and most systemic importance in Brazil\u2014have more resources and expertise, giving them an edge,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Banking groups back decision<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Brazilian Federation of Banks (FEBRABAN) said in a statement that shutting down the platform reflects the Central Bank\u2019s commitment to \u201csecurity and stability in the future infrastructure.\u201d The federation added that it remains part of the Drex support group.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Brazilian Association of Banks (ABBC), which represents smaller institutions, said that even with the current platform shut down, its member banks have the technology to connect their Drex use cases to other networks. ABBC had been testing the tokenization of Bank Credit Notes (CCBs) in the project.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Blockchain provider BBChain, part of ABBC\u2019s Drex consortium, said phase two \u201cfulfilled its purpose\u201d and that the Central Bank recognized the need for further technological evolution. \u201cNew market-driven business models may meet requirements without the regulatory constraints of the pilot,\u201d the company said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"5\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Stablecoin trend mirrors global shift<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The growing preference for stablecoins over CBDCs aligns with global trends. Shortly after taking office, President Donald Trump signed an executive order banning the creation of a U.S. CBDC and encouraging the use of private stablecoins.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Drex was launched in 2023 with a pilot focused on tokenizing deposits and transactions in federal government bonds. The second phase, launched in October 2024, is expected to conclude with a final report in early 2026. Both phases used a DLT network as the testing platform.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"58\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Phase three will continue with business case studies for Drex but on a technology-neutral basis. Privacy solutions tested earlier failed to strike the balance between ensuring transaction confidentiality and maintaining Central Bank oversight. Looking ahead, one of Drex\u2019s goals is to resume tokenization studies to create a settlement environment where the currency is issued by the Central Bank.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"14\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Central Bank did not respond to a request for comment by press time.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Gabriel Shinohara\u00a0and\u00a0Ricardo Bomfim, Valor\u00a0\u2014 Bras\u00edlia and S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cost, privacy concerns lead to pivot as banks explore their own digital currencies 11\/05\/2025 Drex\u2019s second phase, launched in October 2024, is expected to conclude with a final report in early 2026 \u2014 Photo: Divulga\u00e7\u00e3o\/Banco Central Brazil\u2019s Central Bank has decided to shut down the blockchain-inspired platform used in the first two phases of Drex, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26575,26576],"class_list":["post-96522","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-central-bank-shuts-drex-platform","tag-clearing-path-for-stablecoins"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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