Brazilian Finance Giant BTG Pactual to Issue a Stablecoin Pegged to the US Dollar (Report)
BTG Pactual – one of Latin America’s largest investment banks – will reportedly launch its own stablecoin, whose value will be tied to the American dollar.
The corporation joined the industry years ago by issuing a security token called ReitBZ and introducing a cryptocurrency exchange in Brazil.
The Latest Push
According to Reuters, Banco BTG Pactual S.A. (better known as BTG Pactual) will strengthen its presence in the digital asset sector by designing a stablecoin called BTG Dol.
The asset will be available on Mynt (the bank’s cryptocurrency platform) and pegged to the official currency of the United States.
The entity described the upcoming financial product as a new tool that could “dollarize” the investors’ portfolios. It also promised to provide “the whole security framework for the asset, such as due diligence, anti-money laundering, and compliance processes.”
Marcel Monteiro – Mynt’s Head of operations – praised the development, saying this will be the 23rd token supported by the platform and the only one issued by it:
“We recently launched eight new assets. We already have 22 cryptocurrencies on the platform. Now we have our own stablecoin.”
Mynt allows trading with some of the largest cryptocurrencies by market capitalization, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Polygon (MATIC), Polkadot (DOT), Cardano (ADA), and more. It also supports the second-biggest stablecoin – USD Coin (USDC).
The Previous Forays
BTG Pactual delved into the cryptocurrency sector in May 2020 by issuing a token on the Tezos (XTZ) blockchain. Known as ReitBZ, it is backed by Brazilian real estate and takes part in security token offerings (STOs). Andre Portilho – Head of Digital Assets at BTG Pactual – said:
“We decided to issue ReitBZ in partnership with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust, and this issuance enables us to guarantee more resources to invest in ReitBZ moving forward.”
The bank announced in September 2021 that it will open a platform called Mynt to offer its clients direct access to cryptocurrencies. Upon introducing the new entity in August 2022, Portilho stated:
“Crypto is a new technology with great potential for transformation, and it brings both risks and opportunities. We are offering direct access to investments in the main cryptocurrencies on the market, in a simple and secure manner, in a very intuitive and comprehensive platform, with financial content and education.”
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Text source: CryptoPotato
