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Brazilian Financial Institution Braza Group Launches Dollar Stablecoin on XRP Ledger
Braza Group, one of the largest financial groups in Brazil, unveiled USDB, a dollar-pegged stablecoin issued on top of the XRP Ledger. Currently available to its institutional customers, the token will be available for regular customers through the group’s app starting in May.
Braza Group Targets Growing Market With New XRP Ledger-Issued Dollar Stablecoin
Stablecoins are increasingly becoming one of the largest use cases of cryptocurrency worldwide. Braza Group, the institution with the sixth-largest interbank volumes in Brazil, has launched USDB, a dollar-pegged stablecoin built on top of the XRP Ledger.
The stablecoin is backed by U.S. and Brazilian government bonds, and will be audited regularly to ensure the integrity of its offering to its customers.
With this move, Braza Group wants to position itself as a provider of another stablecoin offering, enhancing the diversity of options in Brazil and Latin America and taking advantage of the speed and low fees that the XRP Ledger offers.
Marcelo Sacomori, CEO of Braza Group, stated:
Braza Group seeks to anticipate the growing stablecoin demand in national and local markets by offering a reliable solution for the institutional and consumer markets. Sacomori anticipates that USDB might reach 30% of the Brazilian stablecoin market as these assets grow to open new pathways for global currency settlement.
“We’re positioning ourselves to lead this movement. We began by selling these assets in the institutional market, serving Brazilian companies with specific demands,” Sacomori concluded.
USDB is the second stablecoin implemented by the bank on top of the XRP Ledger. In February, the bank also announced the launch of BBRL, a Brazilian real stablecoin, on the same blockchain to “foster the development of new business models and bring significant value to the Latin American and global markets.”
This makes it the first bank to offer vertical integration with stablecoins, both local (real) and international (dollar).
Read more: XRP Ledger Gets Its First MiCA-Regulated Euro Stablecoin