Brazilian Real Pegged Stablecoin BRL1 Launched To Be Issued on Ethereum and Polygon

Brazil’s three major cryptocurrency exchanges, Bitso, Mercado Bitcoin, and Foxbit, have recently collaborated to launch a stablecoin, brl1, pegged to the Brazilian fiat currency, Reais. The aim is to improve convenience in local cryptocurrency trading and reduce friction between cryptocurrency exchanges and traditional financial systems. brl1 will be issued on Ethereum and Polygon and will be tokenized and custodied by Fireblocks.