# Alipay Disowns a Peer-to-Peer Service Selling USDC for Yuan, While Brazil's Itaú Registers as a Licensed Crypto Custodian

China's largest payment network rejected an informal stablecoin on-ramp that had processed about $7,094 across 107 trades, as Brazil closes its licensing window and moves crypto access into regulated banks.

- Published: 2026-10-29T05:42:25.188Z
- Canonical: https://polylog.news/crypto/2026-10-29/alipay-disowns-a-peer-to-peer-service-selling-usdc-for-yuan
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [crypto.news](https://crypto.news/alipay-denies-crypto-trading-peer-usdc-payments/), [Bitcoin Magazine](https://bitcoinmagazine.com/news/brazilian-banking-giant-itau-crypto), [Polylog editors](https://polylog.news)

Alipay said it does not support crypto trading after Peer, a peer-to-peer platform, announced a beta feature that let users buy and sell USDC with yuan settled through Alipay. "Claims that Alipay enables crypto purchases on third-party plat…

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