- The largest bank in Latin America has announced the launch of its very first stablecoin. Backed by the U.S. Dollars, the stablecoin will run on the Polygon blockchain.
- According to an official at the bank, this is yet another move that is taking advantage of innovation to serve its client’s needs.
Latin America’s leading investment bank BTC Pactual has made a notable step towards stablecoin adoption. Per its most recent announcement, the bank has launched a stablecoin.
Dubbed BTG Dol, the stablecoin is the first from the bank. Like many other stablecoins in the crypto market, the price of BTG Dol is backed by the U.S. dollar.
To enable an efficient alignment between the traditional finance market and the new rising digital ecosystem, the stablecoin has a 1 to 1 parity to the USD. The bank also revealed that the stablecoin will run on the Polygon exchange.
The stablecoin was launched through the bank’s own crypto platform Mynt. Mynt is a Digital wallet and lending platform for consumers & businesses.
Using the BTG Dol stablecoin, customers of the bank can dollarize their equity with ease, and in the most efficient manner. The bank also promises the security of funds for customers.
BTC Pactual is the sixth-largest banking institution in Brazil and the largest investment bank in Latin America and the Caribbean. The firm specializes in investment banking as well as wealth and asset management.
The firm also offers corporate lending and sales and trading services to its plethora of clients. Added to its long list of services, BTC Pactual offers advisory services to its customers in wealth planning, loans, and financings, amongst other things.
The head of Digital Assets at BTG Pactual highlights the benefits of BTG Dol
Speaking on the launch of the dollar-backed stablecoin, the head of Digital Assets at BTG Pactual asserted that the firm is continuously taking advantage of innovation, by utilizing financial technology in favor of their clients. He added that buying BTG Dol opens the pathway for easy and swift access to investing in dollars. André Portilho stated.
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.
Meanwhile, Marcel Monteiro, the Head of Operations at Mynt, noted that nearly 10 assets have been launched by Mynt in the past and that 22 crypto assets have already made it to the platform. He added that the move by BTG Pactual reiterates the trust that banks have in technology. Monteiro stressed that Mynt will remain focused on putting out more innovative digital products and services. Marcel Monteiro said.
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We recently launched eight new assets, we already have 22 cryptocurrencies on the platform, and now we have our own stablecoin. This shows that the Bank trusts technology and will continue with its commitment to offering new innovative digital products and services, with the solidity and trust that are BTG’s hallmark.
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