The three major cryptocurrency exchanges in Brazil, Bitso, Mercado Bitcoin, and Foxbit, have recently collaborated to launch a stablecoin brl1 pegged to the Brazilian real (Reais), aiming to improve the convenience of local cryptocurrency trading and reduce friction between cryptocurrency exchanges and the traditional financial system. The brl1 will be issued on Ethereum and Polygon, and tokenization and custody services will be provided by Fireblocks.
Brazilian Real Pegged Stablecoin BRL1 Goes Live To Be Launched on Ethereum and Polygon