Brazil’s BTG Pactual launches own dollar-backed stablecoin

Brazil's BTG Pactual launches own dollar-backed stablecoin
FILE PHOTO: BTG Pactual bank headquarters is pictured in Sao Paulo, Brazil October 3, 2019. REUTERS/Amanda Perobelli

SAO PAULO : Brazil’s BTG Pactual said on Tuesday it will launch a stablecoin priced in U.S. dollars at a parity of one to one, as it seeks to position itself in the digital assets market.

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

A stablecoin 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 stablecoin,” said Marcel Monteiro, Mynt’s head of operations.


Source: Reuters