CandleFocus Brazilian Crypto Giants Team up to Launch Real-Pegged Stablecoin
2024-10-09
Author: Content Editor
Three major players in the Brazilian cryptocurrency market, Bitso, Mercado Bitcoin, and Foxbit, have partnered to launch brl1, a stablecoin pegged to the Brazilian real. The stablecoin will be launched on Ethereum and Polygon, allowing for faster and easier transactions between local exchanges without relying on fiat-based rails. Cainvest will provide liquidity for the BTC and ETH pairs listed on these exchanges. Brl1 will be backed by Brazilian treasury bonds and will offer yields to its holders, potentially turning it into a yield-bearing stablecoin. The consortium aims to issue 10 million reales initially, with a goal of reaching a 100 million market cap in the first year.
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