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Brazil's BTG Pactual launches own dollar-backed stable coin

World

04-04-2023 | 07:31

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Brazil's BTG Pactual launches own dollar-backed stable coin

Brazil's BTG Pactual said on Tuesday it will launch a stable coin priced in US dollars at a parity of one to one, as it seeks to position itself in the digital assets market.

The stable coin, called BTG Dol, will be available on Mynt, the bank's crypto-asset platform, and through BTG Pactual's own investment system.

A stable coin is a type of cryptocurrency that is pegged to a stable asset as a way to reduce volatility.

BTG, Latin America's largest investment bank, said it sees the asset as a new instrument for investors seeking to "dollarize" their portfolios, adding that it will provide "the whole security framework for the asset, such as due diligence, anti-money laundering, and compliance processes."

"We recently launched eight new assets. We already have 22 cryptocurrencies on the platform. Now we have our own stable coin," said Marcel Monteiro, Mynt's head of operations.

Reuters

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