Brazilian bank BTG Pactual launches its stablecoin

BTG Pactualone of the largest investment banks of Latin America, now issues BTG Dola stablecoin backed by the US dollar.

This week, the financial group BTG Pactual a Brazilian-based asset management company, has announced the launch of a stablecoin dollar via its cryptocurrency exchange platform Myntwhich opened last summer.

Named BTG Dolit is “the world’s first dollar-backed stablecoin launched by a bank,” according to the press release.

Investors looking to dollarize their assets now have a safe and liquid option to protect their investments,” the financial institution said.

According to Marcel Monteiro, head of operations at Mynt, the addition of a stablecoin positions BTG as “a reference in the market.” The Brazilian’s crypto-trading app now allows trading in about 20 tokens, including Bitcoin.

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Stablecoins are a type of crypto-currency whose price follows the value of other assets that are supposed to be more stable. These digital coins are mainly used by traders to protect themselves from the (high) volatility present in the crypto market.

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