This is, to me, less a story about crypto than about Big Money and Small Money. I don’t know what it’s like in Brazil, but a loan ticket this size would be mostly impossible to make in the US at any reasonable interest rate, because the underwriting and compliance likely eats up $1000 or more. I’m known for my position that USD stablecoins have the most PMF outside the US, and that same-currency stablecoins within any country are a tough sell. But if done via credit creation, I can see stablecoins getting a wedge even within their home-currency markets. Of course, all major regulatory regimes have said you can’t do that - full reserve only! - to say nothing to lending laws, which are actually quite loose in the US but not most countries.