- Brazilian financial firm BTG Pactual has launched its own US dollar-based stablecoin.
- BTG Dol is the firm’s avenue to serve customers who want to convert their assets to US dollars.
- The said stablecoin will be offered through BTG Pactual’s crypto platform Mynt.
BTG Pactual, one of the largest financial firms in Latin America, is making a move into the digital assets market by launching its own stablecoin called BTG Dol. As the name states, BTG Dol will be pegged to the US dollar at a 1:1 parity.
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According to an article by Reuters, the said stablecoin will be offered via Mynt, the crypto platform of the Brazilian financial giant.
Mynt operations chief Marcel Monteiro said that they are also offering many other cryptocurrencies on the platform. However, BTG Dol is their avenue for investors who want to convert their assets into US dollars in a crypto fashion.
Monteiro added:
“We recently launched eight new assets. We already have 22 cryptocurrencies on the platform. Now we have our own stablecoin.”
This move could be an attempt to provide their clients with a more stable cryptocurrency option while also potentially attracting new clients who are interested in investing in digital assets but may be wary of the volatility associated with other cryptocurrencies.
Time will tell how successful BTG Pactual’s foray into stablecoins will be and how it may impact the broader digital assets market.
Stablecoins have gained popularity in recent years as they offer a level of stability and predictability that other cryptocurrencies do not. By being pegged to a stable asset, such as the US dollar, stablecoins aim to maintain a consistent value and avoid the wild price swings that have become characteristic of many other cryptocurrencies.
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