Latin America's largest investment bank launches its own stablecoin

The Brazil-based investment bank BTG Pactual has launched its own stablecoin.

The Brazil-based investment bank BTG Pactual has launched its own stablecoin. The "BTG DoL" is pegged 1:1 to the U.S. dollar.

BTG Pactual expanded its product lineup with an in-house stablecoin. “The world's first dollar-backed stablecoin issued by a bank,” BTG Pactual said in a press release. The BTG Dol is backed by the U.S. dollar at a 1:1 ratio.

"Again we’re innovating and using financial technology to benefit our customers. With the purchase of BTG Dol, investors gain access to a simpler, safer, and smarter way to invest in dollars," says André Portilho, Head of Digital Assets at BTG Pactual.

The new cryptocurrency can be traded on the bank's own crypto platform. Investors looking to "dollarize" their wealth now have a "safe and liquid option to protect their investments" with the bank’s stablecoin, BTG Pactual said. The bank also told Decrypt that BTG Dol will run on the Polygon blockchain.