Starting Oct. 1, Brazil's central bank is cutting stablecoins out of the settlement leg between regulated FX providers and their overseas counterparties — that piece now has to go through a licensed FX transaction or a qualifying non-resident real account. It's a narrow carve-out, not a blanket ban, but it shows regulators are comfortable letting stablecoins move value while keeping them off the official plumbing. Worth watching how this shapes stablecoin use in a $1.1T market.