BTG Pactual, the most significant investment bank in Latin America, is launching its first stablecoin called BTG Dol on April 5.
The stablecoin will be backed by the US dollar on a 1 to 1 parity to provide a better connection between the digital economy and the traditional one.
BTG Dol
BTG Pactual will launch BTG Dol on its crypto platform Mynt, which is a standalone app that aims to offer a seamless user experience and educational content about crypto. However, BTG Pactual will take on the custodial responsibilities of BTG Dol and will manage its backing, security, due diligence, and money laundering prevention.
With the BTG Dol, the bank hopes to offer its users the ability to dollarize a part of their portfolio safely. BTG Pactual’s Head of Digital Assets, Andre Portilho, explained the primary purpose of the stablecoin by stating:
“Once again, we are innovating in using financial technology in our clients’ benefit. 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 100 Rands, which equates to around $5.58 at the time of writing.
CHF Stablecoin
Switzerland-based Centi was the latest company that announced a stablecoin project similar to that of BTG Pactual.
On March 21, Centi launched its Centi Franc Stablecoin (CCHF), which is backed on a one-on-one parity with the Swiss franc. Similar to BTG Dol, the custodial responsibilities of the CCHF are handled by a Swiss bank.
However, both stablecoins don’t precisely share similar goals. While BTG Dol aims at allowing users to dollarize their portfolios, the CCHF is designed to serve as the “basis” for a blockchain-based payment platform.
The post Largest LatAm investment bank launches stablecoin appeared first on CryptoSlate.
