Major Brazilian investment bank - BTG Pactual, continues to introduce new cryptocurrency offerings with the launch of its own US dollar-backed stablecoin.

BTG Pactual is preparing to launch BTG Dol, a new stablecoin pegged to the value of the US dollar at a 1:1 ratio using the bank's custodial service. According to the official announcement on April 4, BTG Pactual said that the stablecoin will allow holders to “dollarize” a portion of their equity and help customers interact between the traditional financial system and the platform. new digital economy.

“We are innovating in using financial technology for the benefit of our customers. By purchasing BTG Dol, investors gain access to an easier, safer and smarter way to invest with dollars,” said BTG Pactual head of digital assets André Portilho, said.

According to the announcement, the new BTG Dol stablecoin will be created on Mynt, BTG Pactual's proprietary cryptocurrency technology platform. Launched a year ago, Mynt allows users to invest in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Mynt CEO Marcel Monteiro said:

“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 believes in technology and will remain committed to providing innovative new digital products and services.”

As previously reported, cryptocurrency exchange Gemini founded by Tyler and Cameron Winklevoss has partnered with BTG Pactual to provide custody for some of the bank's digital asset-related funds. BTG Pactual's Bitcoin 20 Multi-Market Fund is said to have become one of the first Bitcoin funds to launch in Brazil in 2021, with custody and other services provided by the two companies Gemini's children, Gemini Custody and Gemini Fund Solutions.

Brazilian banks have been adopting more crypto-friendly services for some time. In February, major Brazilian bank Banco do Brasil allowed customers to pay taxes with cryptocurrencies such as Bitcoin through a joint initiative with local crypto company Bitfy.