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Jamie Crawley is a CoinDesk information reporter based mostly in London.
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BTG Pactual, certainly one of Latin America’s largest funding banks, has launched a dollar-backed stablecoin via its crypto platform Mynt.
The stablecoin, BTG Dol, is the world’s first dollar-backed stablecoin issued by a financial institution, BTG Pactual stated in an announcement on Tuesday.
The São Paulo, Brazil-based financial institution stated it’s enabling shoppers to “dollarize a part of their fairness in a easy, environment friendly and safe method.”
BTG Dol is out there for buy ranging from 100 actual ($20) within the financial institution’s crypto app Mynt, which it rolled out in 2021 and which now helps 22 cryptocurrencies.
In contrast to cryptocurrencies like bitcoin and ether, stablecoins are pegged to conventional monetary belongings like fiat currencies – normally the U.S. greenback. They permit buyers and merchants to maintain their cash within the digital asset ecosystem with out being utterly uncovered to the volatility which are ordinary with most cryptocurrencies.
The market capitalization of stablecoins sits at round $133 billion with a 24-hour buying and selling quantity of practically $39 billion, in line with information by CoinMarketCap.
The most important stablecoins similar to USDT and USDC are issued by non-public firms and as such have been subjected to growing regulatory scrutiny, significantly since the collapse of algorithmic stablecoin UST final 12 months.
Edited by Oliver Knight.
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