According to BlockBeats, on October 9, the three giants of the Brazilian cryptocurrency market, Bitso, Mercado Bitcoin and Foxbit, jointly issued the stablecoin brl1 anchored to the value of the Brazilian real. The stablecoin will be issued on Ethereum and Polygon.

BRL1, which will be launched later this year, will help speed up transactions between local trading platforms, facilitating the purchase and sale of cryptocurrencies without the need to use fiat payment rails. Cainvest, another member of the consortium and one of the country’s largest liquidity providers, will be responsible for maintaining BRL1’s trading pairs with BTC and ETH, as well as more tokens.