Stablecoin BRL1 linked to the Brazilian real debuts in the market
Stablecoin BRL1 linked to the Brazilian real debuts in the market
BRL1 was launched, the first stablecoin backed by both reais and Brazilian government bonds. The news was announced here on BeInCrypto last October.
Developed by a consortium that includes Bitso, Foxbit, and Mercado Bitcoin in partnership with Cainvest, the digital asset arrives with the promise of revolutionizing the local crypto market. BRL1 commits to improving liquidity, efficiency, and security in transactions.
The creation of BRL1 is a milestone for the Brazilian crypto market, bringing more security and efficiency to transactions. In a scenario where there are still challenges and frictions between the crypto ecosystem and the traditional financial system, this stablecoin emerges as a catalyst for the integration of these two fronts. Our goal is to drive adoption and strengthen the infrastructure of the sector, contributing to a more accessible and reliable environment, says Foxbit CEO, Ricardo Dantas.
BRL1: the Brazilian stablecoin with state backing that promises to redefine the crypto market
BRL1 emerges as a fully backed stablecoin, pegged 1:1 to the Brazilian real (BRL), offering a reliable digital representation of the local currency. The token's purpose is to enable fast and secure transactions within the crypto ecosystem.
Additionally, the stablecoin aims to eliminate barriers in the transfer of value between national and international exchanges. Reducing costs and increasing the integration of the digital financial market are also part of the crypto product's plans.
Performance of BRL1 in the last week. Source: Bitso
Brazil open to crypto
Brazil has seen several stablecoin initiatives emerge in recent years. In 2024, for example, Mercado Livre launched the Meli Dollar for Brazilian customers. Meanwhile, other companies like BRLA, PicPay, Circle, Chainlink, and NUM Finance have also developed their own digital currencies linked to the real.