Gabriel Galipolo, the governor of the Central Bank of Brazil, has said that stablecoins dominate cryptocurrency transactions in Brazil. Speaking at the BIS event in Mexico City, Galipolo said that the use of digital assets in Brazil has surged over the past three years. Galipolo said that 90 percent of the country's cryptocurrency usage can be pegged to stablecoins. Galipolo highlighted the regulatory and supervisory challenges posed by the widespread use of stablecoins in the payments sector, particularly in terms of taxation and money laundering.