BTG Pactual, Latin America’s largest investment bank, is launch its first stablecoin called BTG Dol on April 5.
The stablecoin will be pegged to the US dollar at a 1:1 parity to provide a better connection between the digital economy and the traditional economy.
BTG Pactual will launch BTG Dol on its Mynt crypto platform, which is a standalone app that aims to provide a seamless user experience and educational content on crypto. However, BTG Pactual will assume the custodial responsibilities of BTG Dol and manage its support, security, due diligence and prevention of money laundering.
With the BTG Dol, the bank hopes to offer its users the possibility of dollarizing part of their wallet in complete safety. BTG Pactual’s Head of Digital Assets, André Portilho, explained the primary purpose of the stablecoin by stating:
“Once again, we are innovating by using fintech to benefit our clients. When buying BTG Dol, investors have access to an easier, safer and smarter way to invest in dollars,”
Mynt currently offers 22 crypto assets on its platform and allows users to invest in BTG Dol with a minimum of R100, which equates to around $5.58 at the time of writing.
Stablecoin in CHF
Switzerland-based Centi is the latest company to announce a stablecoin project similar to that of BTG Pactual.
On March 21, Centi launched its Centi Franc Stablecoin (CCHF), which is backed by a single parity with the Swiss franc. As with BTG Dol, CCHF’s custodial responsibilities are handled by a Swiss bank.
However, the two stablecoins do not precisely share similar goals. While BTG Dol aims to allow users to dollarize their wallets, CCHF is designed to serve as the “base” for a blockchain-based payment platform.
Largest investment bank LatAm launches stablecoins appeared first on CryptoSlate.