It will be backed by US dollars and issued in a 1:1 ratio. They assure that it will provide an easier mechanism for investors to dollarize.
He BTG Pactual announced the launch of a stablecointhat will have parity with the dollar and that, as stated by the Brazilian company last Tuesday, It is the world’s first digital currency issued by a bank.
The currency, called BTG Dolwill be available on the Mynt digital asset platformowned by BTG Pactual, which already offers trading in Bitcoin and 21 other cryptocurrencies, including some stable-listed ones.
In addition, according to what was announced, the new cryptocurrency, called BTG Dolwill be backed by dollars and will be issued in a 1:1 ratio. One of the positive characteristics of this new cryptoactive will be that will allow investors to “dollarize” part of their assets in an “easier” way, according to the director of Digital Assets of the bank, André Portilhoin dialogue with EFE.
The financial institution as support
He BTG Pactual is the largest investment bank in Latin Americawith assets totaling US$89,000 million at the end of 2022. The financial entity will be in charge of supporting the new cryptocurrency. It will also providenetwork security and conduct due diligence. He will also be responsible for money laundering prevention and compliance processes.
The bank will be responsible for providing “the entire security framework for the assetsuch as due diligence, the fight against money laundering and compliance processes“, they said in the statement.
Bet on cryptocurrencies
The launch of the stablecoin shows that “the bank trusts technology and will continue its commitment to offer new innovative digital products and services”, said Marcel Monteiro, Head of Operations at Mynt.
The stablecoin ecosystem currently has a value of US$133 billionaccording to CoinGecko.
Source: Ambito
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