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The Brazillian National Social Development Bank is gearing up for the launch of a pilot program in which they will test out their new stablecoin on the Ethereum Network.
Coindesk reports that come January 2019 the state-backed bank will launch the BNDES token, running on the Ethereum blockchain the token is backed on a 1:1 ratio with the Brazilian Real (BRL).
The bank underwent in-house testing of the stablecoin throughout this year. The pilot will see the bank issue hundreds of dollars worth of BNDES to the brazil's national film agency in order to bolster movie productions in the country.
Along with the use of the Ethereum blockchain, the bank will benefit from consultation from Joe Lubin's ConsesnSys blockchain company.
“We can enforce rules using smart contracts. The company that receives the money can only spend it with companies that are working within the [film] sector,” Vanessa Almeida, a BNDES systems development manager, told CoinDesk.
Stablecoins have stepped fully into the limelight this year with the addition of the Winklevoss twin’s Gemini dollar (GUSD) to Circle's USDC; with the market's current state and with stablecoins such as Tether (USDT) rising up the ranks of largest cryptocurrencies it seems this trend is set to continue.
Read more: Winklevoss firm launches new stablecoin, the Gemini dollar (GUSD); Tether briefly overtook Stellar's XLM as the fourth largest cryptocurrency