Brazil’s Braza Group has launched a Brazilian Real stablecoin BBRL. The issuance is particularly significant because its primary activity is as a foreign exchange (FX) bank. During the first half of 2024 it was involved in US$30 billion of transactions. It ranks sixth in the central bank’s interbank markets and has a balance sheet worth more than US$500 million (as of mid 2024).
Apart from direct foreign exchange transactions and cross border payments, the specialist bank targets mass payouts and offers Braza checkout. That’s an online solution that enables foreign companies to sell to Brazilians, allowing consumers to pay with Pix. There’s an FX angle because the seller is paid out in their local currency.
Initially the stablecoin is accessible by institutional clients of Braza Bank. Next quarter it plans to make it available to retail clients via its Braza On app, a multicurrency wallet. The stablecoin uses the XRP Ledger.
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