THE INTERRUPTION OF THE FINANCIAL TRIAD: THE END OF PHASE 3 OF DREX AND THE SETBACK FOR BRAZIL'S VANGUARD IN GLOBAL FINANCE

Abstract

This article criticizes the Central Bank of Brazil's (BCB) shutdown of the Drex platform in November 2025, discontinuing Phase 3 and postponing its implementation to 2026, thus interrupting the financial "Holy Trinity" (PIX, Open Finance, and DREX). This triad, which would unite instant payments, shared data, and asset tokenization, would position Brazil at the global forefront, reducing transactional risks and credit costs by up to 30%. The suspension, justified by technical failures, is seen as a strategic setback, possibly political in a pre-election year, favoring private stablecoins and weakening its leadership within the BRICS.

DOI: https://doi.org/10.56238/edimpacto2025.070-005