October 12, 2024 9:09 3 minutes read
Cryptocurrency traders unveil stablecoins pegged to the real thing
A group of Brazil’s top crypto brokers have come together to launch a new stablecoin pegged to the Brazilian Real, BRL1. Stablecoins are cryptocurrencies designed to maintain stable value, usually through financial backing such as bank reserves or short-term debt. As a low-cost and practical option for investors to enter cryptocurrencies, stablecoins have gained traction around the world, with more than USD 172 billion in transactions.
BRL1. Each BRL1 token is worth 1 Brazilian Real backed by Brazilian government bonds. The stablecoin was developed by a consortium of major cryptocurrency players including Bitso, Foxbit, Mercado Bitcoin, and Cainvest, and is expected to be available on exchanges this year.
According to Foxbit CEO Ricardo Dantas, BRL1 will eliminate distortions between domestic and international platforms, making cryptocurrency transactions faster, cheaper and more seamless. “This is made possible and guaranteed by the reserves determined by the consortium…
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