skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,290.33 0.57%
ethereum
Ethereum (ETH) $ 3,452.98 1.38%
tether
Tether (USDT) $ 0.999283 0.08%
xrp
XRP (XRP) $ 2.27 2.04%
bnb
BNB (BNB) $ 700.07 0.73%
solana
Solana (SOL) $ 197.61 0.55%
dogecoin
Dogecoin (DOGE) $ 0.328444 1.81%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,447.79 1.05%
cardano
Cardano (ADA) $ 0.908046 3.27%

Brazilian Investment Bank BTG Pactual Brings Out Dollar-Backed Stablecoin

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

BTG Pactual, one of Latin America’s largest investment banks, has introduced a dollar-backed stablecoin through its crypto platform Mynt.

The stablecoin, BTG Dol, is the world’s first dollar-backed stablecoin issued by a bank, BTG Pactual said in an announcement on Tuesday.

The São Paulo, Brazil-based bank said it is enabling clients to “dollarize part of their equity in a simple, efficient and secure manner.”

BTG Dol is available for purchase starting from 100 real ($20) in the bank’s crypto app Mynt, which it rolled out in 2021 and which now supports 22 cryptocurrencies.

Unlike cryptocurrencies like bitcoin and ether, stablecoins are pegged to traditional financial assets like fiat currencies – usually the U.S. dollar. They allow investors and traders to keep their money in the digital asset ecosystem without being completely exposed to the volatility that are habitual with most cryptocurrencies.

The market capitalization of stablecoins sits at around $133 billion with a 24-hour trading volume of nearly $39 billion, according to data by CoinMarketCap.

The largest stablecoins such as USDT and USDC are issued by private companies and as such have been subjected to increasing regulatory scrutiny, particularly since the collapse of algorithmic stablecoin UST last year.

Edited by Oliver Knight.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top