Btg Pactual, A Brazilian Bank, Plans To Release A Stablecoin Pegged To The U.s. Dollar

BTG Pactual, A Brazilian Bank, Plans To Release A Stablecoin Pegged To The U.S. Dollar

Brazilian financial institution BTG Pactual is expanding its cryptocurrency offerings by introducing its own stablecoin supported by the US dollar. The bank’s custody services will be used to back the BTG Dol, a new stablecoin that will be pegged to the US dollar at a 1:1 ratio.

According to a statement released on April 4, the stablecoin will permit users to convert a portion of their assets into USD and facilitate interaction between conventional financial systems and the emerging digital economy.

“At BTG Pactual, we are constantly finding new ways to use cutting-edge financial technology to provide our clients with the best investment solutions. Our latest offering, the BTG Dol stablecoin, provides investors with an easy, secure, and intelligent way to invest in dollars,”

Explained André Portilho, Head of Digital Assets at BTG Pactual.

The new stablecoin, as per the announcement, is based on Mynt – BTG Pactual’s very own crypto technology platform, which has been in operation for a year now. The platform offers users a range of investment opportunities, including cryptocurrencies like Bitcoin BTC.

Marcel Monteiro, the Head of Operations at Mynt, further added,

“With the addition of eight new assets and 22 cryptocurrencies already available on our platform, we are proud to introduce our very own stablecoin. This is a testament to the bank’s unwavering commitment to technology and our drive to offer our clients innovative digital products and services.”

As previously stated, Gemini – the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss – teamed up with BTG Pactual to offer custody services for some of the bank’s digital asset-related funds.

Gemini Custody and Gemini Fund Solutions, two subsidiaries of Gemini, are providing custody and other support services to BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund. The fund was reportedly one of the first Bitcoin funds launched in Brazil in 2021.

Brazilian banks have been steadily embracing cryptocurrency-friendly services for some time now. In February, Banco do Brasil, a major bank in Brazil, collaborated with the local crypto firm Bitfy to enable customers to pay their taxes with cryptocurrencies such as Bitcoin.

Also Read: Doge Price Soars Over 20% As Elon Musk Switches Twitter Logo To Dogecoin Logo

Leave a Comment

Your email address will not be published. Required fields are marked *