","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"fr","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}BRL1 Stablecoin Launching on Crypto Platforms in Brazil - Play to Earn Games News
BRL1 Stablecoin Launching on Crypto Platforms in Brazil
Reinout te Brake | 09 Oct 2024 14:21 UTC
Brazil’s Real-Pegged Stablecoin BRL1 Set for Launch This Year
Brazil’s top CryptocurrencyExchanges — Mercado Bitcoin, Foxbit, and Bitso — have collaborated to introduce BRL1, a stablecoin pegged to the Brazilian real (R$1 = 1 BRL1).
This initiative is a stride towards incorporating BlockchainTechnology into Brazil's financial landscape, providing users with a faster and more efficient method to manage their CryptoInvestments while potentially revolutionizing the country's Payment systems.
The stablecoin BRL1 will be backed by Brazil's National Treasury bonds and is anticipated to be released later this year with an initial issuance of R$10 million.
The consortium behind BRL1 foresees the stablecoin reaching a trading volume of 100 million BRL1 within a year and aims to integrate it into the Central Bank of Brazil’s Drex system in the future.
Brazil’s Real-Pegged Stablecoin BRL1: What Is It?
The primary objective of BRL1 is to facilitate seamless transactions between different Crypto exchanges without relying on traditional financial intermediaries like banks or payment platforms.
Currently, users have to initiate transfers via systems like Pix to move funds between various exchanges. With BRL1, this process becomes much quicker, allowing direct transactions between accounts on different platforms.
For instance, under the current system, an investor who wants to trade Bitcoin on Mercado Bitcoin (MB) and Ethereum on Foxbit would need to conduct multiple Pix transactions through their bank.
With BRL1, these transactions can be executed directly on the Crypto platforms, streamlining the process and reducing the time and complexity involved.
This Innovation is expected to benefit everyday users who primarily deal in reais but have lacked digital Currency options outside the traditional financial system.
Fabrício Tota, Director of New Business at Mercado Bitcoin, stated, "The introduction of a real-pegged cryptocurrency helps bridge the gap between Brazil’s traditional financial system and the evolving crypto Market. By offering a real-denominated digital asset, we bring more opportunities for local users to engage with crypto while maintaining their connection to familiar Currency systems."
Tota further emphasized that BRL1 marks progress in reaching common users and addressing friction between fiat and crypto systems.
Future Integration with Drex
The liquidity for the stablecoin will be provided by Cainvest, the primary liquidity provider in Brazil's institutional cryptocurrency market.
Additionally, Fireblocks, a global leader in digital asset Security, will power the Tokenization and custody technology for BRL1, ensuring transparency and security for users.
The consortium behind BRL1 plans to distribute part of the bond income generated from the reserves to BRL1 holders in the future, with specific terms to be established at a later date.
Furthermore, the consortium envisions integrating the stablecoin with the Central Bank of Brazil’s Drex system to expand its utility beyond cryptocurrency trading to encompass Investment tokens, Loans, and other Digital Assets.
Ricardo Dantas, CEO of Foxbit, highlighted, "The BRL1 stablecoin has the potential to bring 'open crypto finance' to the end user, leveraging the Blockchain ecosystem to create a more inclusive, accessible, and efficient financial system."
The consortium also expressed interest in extending BRL1's reach beyond Brazil, as several international exchanges have already displayed interest in listing the stablecoin for cross-border Payments.
It is worth mentioning that the Central Bank of Brazil (BCB) has designated 13 themes for the news/brazils-central-bank-selects-visa-santander-for-cbdc-pilot-phase-2/">second phase of its CBDC pilot programme, Drex. Additionally, Visa is preparing to launch a global stablecoin issuing platform for banks.