An independent audit proved that BRZ holds reserves higher than the total tokens issued – in circulation + treasury. Signed by CMT Law and FMC Law, the document attests to the equivalent of approximately R$ 48 million in reserves held as collateral. The amount is equivalent to 106% of the total of 45 million BRZ.
The verified reserves are divided into accounts in Brazilian and international banks and brokers. The verification was made through a videoconference with the participation of representatives of the offices and the specialist in financial innovation, Bruno Diniz. The Transfero representative made live logins to the different accounts held by the company, attesting the existence of the funds in real time.
Audit puts BRZ at the level of the best stablecoins
“The BRZ audit gives the investor the security he needs to hold positions in this stablecoin. It also eliminates any doubt that there could be regarding its collateral at a time when we are approaching the 50 million existing tokens”, explains Transfero Swiss CFO, Carlos Russo.
The BRZ audit puts the Brazilian cryptocurrency at a level of transparency equal to or greater than some of the leading international stablecoins. The full audit report is available at brztoken.io/transparency, where transaction volume, wallet numbers, and tokens are also found in the treasury and in circulation.
Stablecoin Alliance and access to the international market
The audit is just another step in the expansion of the Brazilian stablecoin. Recently, along with other stablecoins, the company announced the creation of the Stablecoin Alliance. The non-profit organization is made up of independent stablecoins issuers. The association is born to accelerate the adoption and use of stablecoins worldwide and defend higher levels of security and compliance.
Worldwide, stablecoins took a leading role in 2020. Global supply grew 400% from US$ 5 billion at the beginning of the year. Total supply nearly doubled in the third quarter compared to the previous period, and market cap reached US$ 20 billion.
BRZ, for example, allows Brazilians to buy synthetic stock tokens of large technology companies on the international FTX platform. Besides, Brazilians have access to a Mercurius Crypto cryptocurrency fund offered on the Sppyns platform. BRZ is also the most traded Brazilian cryptocurrency in the country, according to IRS data.
