In 2020, BRZ – the first stablecoin pegged to the real – completed one year and has been renewing, month by month, the title of national stablecoin most traded in Brazil. Besides, Transfero’s cryptocurrency is available on more and more platforms and proves to be an advantage for the exchanges that list it.
In July 2019, Transfero Swiss AG launched the BRZ (Brazilian Digital Token). A little over a year later, in August 2020, the stablecoin reached 35 million tokens issued. It is equivalent to R$ 35 million in BRZ in circulation at the time. The volume also distances the stablecoin from the competitors. Second place, CryptoBRL (cBRL), for example, had only 400 thousand tokens at the time.
“This large volume of BRZ also proves that using a stablecoin, besides being recommended in many cases, is quite practical for the Brazilian. With BRZ, it is possible to move balances between international platforms in seconds through blockchain technology, besides being one of the most sophisticated hedge instruments for digital assets”, said, at the time, the CEO of Transfero, Thiago Cesar.
Partnership with BRZ boosts FTX’s business in Brazil
With BRZ, it is possible to buy, for example, shares of technology giants on the FTX platform. The list of platforms on which BRZ can be traded has also grown. Now it is also available on exchanges such as VirgoX and Paxful and in the Brazilian NovaDAX.
On the other hand, not only individuals benefit from the new stablecoin, which also gives new boost to the exchange business. FTX, for example, saw its business in Brazil grow exponentially after listing BRZ. In three and a half months of partnership, the company registered the negotiation of R$ 620 million with the OTC desks alone.
Another critical milestone this year for BRZ was the conduct of an audit that confirmed the stablecoin’s collateral. According to a report signed by two law firms, reserves are equivalent to 106% of the total BRZ issued. The creation of the Stablecoin Alliance was another highlight of 2020. The association was an initiative of BRZ and four more stablecoins. The goal is to accelerate the adoption and use of stable currencies worldwide and advocate higher security and compliance levels.
