Brazil bank BTG Pactual to issue USD-pegged stablecoin

Major Brazilian concern slope BTG Pactual continues onboarding caller cryptocurrency services with the motorboat of its ain stablecoin backed by the U.S. dollar.

BTG Pactual is preparing to motorboat the BTG Dol, a caller stablecoin pegged to USD connected a 1:1 ratio, utilizing the bank’s custody services. Announcing the quality connected April 4, BTG Pactual said that the stablecoin volition alteration holders to “dollarize” a portion of their equity and assistance customers interact betwixt the accepted fiscal strategy and the caller integer economy.

“We are innovating successful utilizing fiscal exertion for our clients' benefit. When buying BTG Dol, investors person entree to an easier, safer and smarter mode to put successful dollars,” BTG Pactual’s caput of integer assets André Portilho said.

According to the announcement, the caller BTG Dol stablecoin is based connected Mynt, BTG Pactual’s proprietary crypto exertion platform. Launched 1 twelvemonth ago, Mynt allows users to put successful cryptocurrencies similar Bitcoin (BTC) oregon Ether (ETH). Mynt’s caput of operations, Marcel Monteiro, said:

“We precocious launched 8 caller assets, we already person 22 cryptocurrencies connected the platform, and present we person our ain stablecoin. This shows that the Bank trusts exertion and volition proceed with its committedness to offering caller innovative integer products and services.”

As antecedently reported, Tyler and Cameron Winklevoss-founded crypto speech Gemini partnered with BTG Pactual to supply custody for immoderate of the bank’s integer asset-related funds. BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund reportedly became 1 of the archetypal Bitcoin funds launched successful Brazil successful 2021, with custody and different services provided by 2 Gemini’s subsidiaries, Gemini Custody and Gemini Fund Solutions.

Related: Russia talks up prospects of BRICS countries processing caller currency

Brazilian banks person been adopting much cryptocurrency-friendly services for a while. In February, large Brazilian slope Banco bash Brasil enabled customers to wage their taxes with cryptocurrencies similar Bitcoin done a associated inaugural with the section crypto steadfast Bitfy.

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