BTG Pactual Launches World’s First Bank-Backed Stablecoin, BTG Dol
- Antonio Anderson
- April 5, 2023
- Altcoin, Crypto, news
- BTG Dol, BTG Pactual, cryptocurrency, Stablecoin
- 0 Comments
BTG Pactual, a leading investment bank based in Brazil, has launched the world’s first bank-backed stablecoin, BTG Dol. Backed by USD and distributed via the bank’s cryptocurrency platform, Mynt, BTG Dol aims to provide investors and users with a secure, efficient, and straightforward way to ‘dollarize’ a portion of their equity.
The stablecoin will be issued on a 1:1 basis, with BTG Pactual serving as its custodian, guaranteeing its backing, performing due diligence, securing the network, and overseeing anti-money laundering and compliance procedures. With BTG Dol, investors can purchase a stablecoin to invest in dollars more safely, efficiently, and with fewer complications.
The launch of BTG Dol reflects BTG Pactual’s ongoing efforts to innovate and serve its clients better. André Portilho, Head of Digital Assets at BTG Pactual, stated that the stablecoin would offer investors an easier, safer, and smarter option to invest in dollars.
Mynt, the bank’s cryptocurrency platform, now supports trading 22 coins, including BTG Dol. Marcel Monteiro, Head of Operations at Mynt, stated that the stablecoin launch demonstrated the bank’s trust in technology and its commitment to offering new and creative digital products and services.
Threats to the US Dollar’s Hegemony
BTG Pactual’s stablecoin launch comes when the US dollar’s hegemony is threatened as the country’s economy struggles. Over the past week, many countries have moved away from the dollar.
China and Brazil, for instance, agreed last month to conduct their vast trade in their respective currencies, eliminating the need for the US dollar as a middleman. Meanwhile, China and Russia are already trading in yuan, and reports suggest that China and Malaysia are also discussing the formation of an Asian Monetary Fund to aid their distance.
With the rise of stablecoins and the increasing use of alternative currencies, it is yet to be seen how BTG Dol will fare against the competition. However, with BTG Pactual’s reputation and expertise in the financial industry, the stablecoin is expected to gain significant attention from investors and users alike.