Brazilian Real Hooks Stablecoin BRL1 Online To Be Released on Ethereum and Polygon

Brazilian Real Hooks Stablecoin BRL1 Online To Be Released on Ethereum and Polygon

Brazil’s three major cryptocurrency exchanges, Bitso, Mercado Bitcoin, and Foxbit, have recently collaborated to launch a stablecoin called brl1, pegged to the Brazilian fiat currency, Reais. The goal of this collaboration is to improve the convenience of local cryptocurrency trading and reduce friction between cryptocurrency exchanges and traditional financial systems. The brl1 stablecoin will be issued on Ethereum and Polygon, and tokenization and custody services will be provided by Fireblocks.

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