BTG Pactual, a Brazil bank, has decided to go ahead with its stablecoin to enable customers to move freely between traditional and digital finance.
Brazil Bank BTG Pactual has announced its plans to launch a stablecoin pegged to the US dollar. Named BTG Dol, the Brazil bank said the stablecoin would allow customers to ‘dollarize’ their deposits and could convert them into stablecoins as a safe and liquid investment. The stablecoin is built on BTG Pactual’s own crypto platform called Mynt, which completed a year of launch.
“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,” said the Head of Operation of Mynt, Marcel Monteiro.
Earlier, a prominent crypto exchange had partnered with the Brazil bank to be a custodian of the bank’s digital assets. BTG Pactual also launched one of the first Bitcoin funds in Brazil, called Bitcoin 20 Multi-Market Investment Fund. Brazil has been at the forefront of such initiatives for the crypto industry, with another bank, Banco do Brasil allowing users to pay their taxes through crypto.
While BTG Pactual is the largest investment bank in Latin America, it has ventured out to crypto recently through its latest stablecoin. It has large operations in other sectors, such as investment banking, wealth management, corporate lending and others. Its Mynt platform has also gained popularity in the crypto space, with educational content in crypto coupled with services for crypto investments.