Brazil real-pegged stablecoin brl1 to launch by year-end

Bitso, Latin America's leading crypto exchange, has announced plans to launch a Brazilian real-pegged stablecoin called brl1 by the end of the year. The stablecoin will be issued on the Ethereum and Polygon networks and will be backed 1:1 by the Brazilian real. Fireblocks will provide issuance and tokenization and custody services. The brl1 stablecoin is part of a growing trend of stablecoins pegged to fiat currencies. Stablecoins are designed to provide price stability and are often used as a bridge between fiat and cryptocurrencies. The brl1 stablecoin will be the first Brazilian real-pegged stablecoin and is expected to be widely used in Brazil and other Latin American countries.