The BRL1 stablecoin aims to enhance Brazil’s digital transactions with blockchain technology.
Major exchanges unite to launch BRL1, projecting R$100 million in circulation by 2025.
BRL1 will bridge traditional finance and crypto, boosting transaction efficiency and transparency.
Major Brazilian crypto exchanges have formed a consortium to launch a new stablecoin pegged to the Brazilian real. Bitso, Mercado Bitcoin, Foxbit, and Cainvest are working together to create BRL1, which will be backed by reais and government bonds.
They plan to launch BRL1 by the end of 2024. The goal is to make transactions easier, both in Brazil and internationally, while also making the Brazilian crypto market more efficient and transparent.
Collaboration Among Competitors
This consortium shows how competitors are working together in the Brazilian crypto space. While these exchanges usually operate independently, they know it’s important to work together to improve the national crypto ecosystem.
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The consortium expects BRL1 to reach a circulation of R$100 million (approximately $18 mi…
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