Crypto Platforms Support Brazil’s Real-Pegged Stablecoin BRL1 Set for Launch This Year
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
Brazil’s top cryptocurrency exchanges — Mercado Bitcoin, Foxbit, and Bitso — have joined forces to launch BRL1, a Brazilian real-pegged stablecoin (R$1 = 1 BRL1).
According to a local source, this new digital asset is designed to simplify cryptocurrency transactions between platforms without requiring traditional banking intermediaries.
The project is set to be a step towards integrating blockchain technology into Brazil’s financial ecosystem, offering users a faster, more efficient way to manage crypto investments while potentially transforming the country’s payment systems.
The BRL1 stablecoin will be backed by Brazil’s National Treasury bonds and will be available later this year, with an initial issuance of R$10 million.
The consortium expects the stablecoin to reach a trading volume of 100 million BRL1 within a year and further aims to integrate it into the Central Bank of Brazil’s Drex system in the future.
One of the primary goals of BRL1 is to facilitate seamless transactions between crypto exchanges without the need for traditional financial intermediaries, such as banks or payment platforms.
Currently, users must initiate transfers through systems like Pix to move funds between different exchanges. With BRL1, this process becomes significantly faster, allowing direct transactions between accounts on different platforms.
For example, under the current system, an investor looking to trade Bitcoin on Mercado Bitcoin (MB) and Ethereum on Foxbit would need to process multiple Pix transactions through their bank.
With BRL1, these
Read more on cryptonews.com
