Bitso, Mercado Bitcoin, and Foxbit have teamed up to introduce the stablecoin brl1, which is pegged to the value of the Brazilian real. This stablecoin will operate on the Ethereum and Polygon blockchain platforms, with Cainvest providing liquidity for #BTCâ and #ETHđ„đ„đ„đ„ pairs listed on these exchanges and future markets.
Crypto Consortium Launches Real-Pegged Stablecoin Brl1 in Brazil
Stablecoins are expanding beyond the U.S. dollar, and Brazil is embracing this trend with the creation of brl1, one of the first stablecoins pegged to the Brazilian real. Bitso, Mercado Bitcoin, and Foxbit, three leading players in the Brazilian crypto market, have come together to launch this innovative solution, responding to growing demand for stablecoin options in the country.
Accelerating Crypto Transactions in Brazil
Brl1 is expected to launch by the end of this year, aiming to facilitate faster transactions between exchanges in Brazil. It will allow for quicker purchases and sales of #Cryptocurrencies without the need for traditional fiat-based systems. Cainvest, one of the largest liquidity providers in Brazil, will manage trading pairs for brl1 with BTC and ETH.
Fabricio Tota, business director of Mercado Bitcoin, emphasized that brl1 was designed to ease friction between the crypto industry and traditional banking systems. He believes this stablecoin is a major step forward and has the potential to reach a broader audience. Tota also mentioned that brl1 could be utilized by payment service providers in Brazil, which has already sparked interest from some companies.
Stablecoin Backed by Brazilian Government Bonds
The stablecoin brl1 will be backed by Brazilian government bonds and issued by Fireblock, which will provide tokenization and custody services for the consortium. The group is considering sharing some of the bond yields with brl1 holders, potentially turning it into a yield-generating stablecoin.
Expected Market Capitalization
The consortium plans to initially issue 10 million reais worth of brl1, with expectations that the market capitalization could reach 100 million reais within the first year. This development could significantly impact Brazil's crypto market and strengthen its connection to traditional finance.
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