Brazil investment bank BTG Pactual launches new stablecoin backed by US Dollar

BTG Pactual, a major Brazilian investment bank, has announced the launch of its own stablecoin called BTG Dol, which is pegged to the U.S. dollar at a 1:1 ratio. The new stablecoin will enable customers to “dollarize” a part of their equity and interact between the traditional financial system and the digital economy. BTG Pactual’s head of digital assets, André Portilho, said that investors who buy BTG Dol will have access to a safer, smarter, and easier way to invest in dollars.

The stablecoin is based on BTG Pactual’s proprietary crypto technology platform called Mynt, which also allows users to invest in other cryptocurrencies like Bitcoin and Ether. The launch of BTG Dol underscores the bank’s commitment to offering new and innovative digital products and services, said Mynt’s head of operations, Marcel Monteiro.

We recently launched eight new assets, we already have 22 cryptocurrencies on the platform, and now we have our own stablecoin. This shows that the Bank trusts technology and will continue with its commitment to offering new innovative digital products and services.”

BTG Pactual has been making strides in the cryptocurrency space, with Tyler and Cameron Winklevoss-founded crypto exchange Gemini partnering with the bank to provide custody for some of its digital asset-related funds. In addition, BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund, which was reportedly one of the first Bitcoin funds launched in Brazil in 2021, received custody and other services from two Gemini subsidiaries. Brazilian banks have been adopting more cryptocurrency-friendly services, with Banco do Brasil enabling customers to pay their taxes with cryptocurrencies through a joint initiative with local crypto firm Bitfy in February.