Braza Group has introduced BBRL, a stablecoin pegged to the Brazilian Real, on the XRP Ledger (XRPL) to enhance digital transactions in Brazil and South America.
The company, ranked sixth in Brazil’s interbank market operations by the Central Bank (BACEN), aims to provide a secure, cost-effective alternative for businesses and individuals.
CEO Marcelo Sacomori emphasized BBRL’s role in reducing financial volatility and fostering innovation in Latin America. He noted that the stablecoin meets high security and compliance standards, ensuring seamless transactions and investment opportunities.
The stablecoin will be available to institutional clients in early 2025, with broader access for retail users through the Braza On app. The launch aims to streamline international transactions, enable stable investments, and enhance market liquidity. Sacomori expects regulatory advancements in 2025, making digital asset custody safer for financial institutions. He predicts BBRL will capture 30% of Brazil’s stablecoin market by year-end, further solidifying Braza’s position as the country’s leading crypto bank.
Braza Group is also involved in DREX, a Central Bank project exploring blockchain integration with Brazil’s financial regulators. The company has proposed use cases such as public blockchain utilization, debenture tokenization, custody of DREX assets, and CBDC exchanges.
Markus Infanger, Senior Vice President of RippleX, highlighted the XRPL’s scalability and security, stating that BBRL could drive cross-border payment efficiency and financial innovation in the region.
Similarly, Ripple has partnered with Portuguese currency exchange Unicâmbio to enable cross-border payments between Portugal and Brazil. Announced on February 10, this marks Ripple’s first payment solution in Portugal, expanding its European reach. The collaboration enhances transaction speed and efficiency for corporate clients, leveraging blockchain technology. Ripple already operates in Brazil with partners like Travelex Bank and Mercado Bitcoin. Unicâmbio’s Adriana Jerónimo emphasized blockchain’s role in improving remittances. Ripple now covers over 90 payout markets, processing more than $70 billion in volume, reinforcing its global payments network.
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