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Brazilian Crypto Exchanges Will Support New BRL-backed Stablecoin (REALT)

28 June 2019 11:34, UTC
Cryptocurrency exchanges in Brazil announce the support of a stablecoin backed with the Brazilian real, Cointelegraph Brasil reports. Platforms promising support for a new token include PagCripto, Nox Trading, 3xBit, and Bitcambio.

Stablecoin is called Real-T (REALT). As explained in the white paper, Real-T Token is a stable Ethereum-based ERC-20 coin that is “strictly tied” to the BRL. The document states that the company behind the issue of Real-T is called Tecnologia S.A., and it will publicly provide a bank statement to prove full backing of Real-T in fiat money.

The paper also notes that most stablecoins are currently pegged to the U.S. dollar — including Tether (USDT), Gemini Dollar (GUSD), and USD Coin (USDC) — whereas the Real-T would purportedly be the first stablecoin for the real. REALT was originally launched on the exchange Stratum on May 9, followed by CBX on May 10. According to this announcement, REALT is available for deposit and withdraw, as well as for trade with USDT.

Recently it was reported that the Department of Federal Revenue of Brazil (RFB) announced a new regulatory policy for crypto exchanges, which should be introduced in September this year.

Image courtesy of Brazil My Country