BTG Pactual, one of the largest investment banks in Latin America, is set to launch its own stablecoin tied to the US dollar. The company already launched a security token called ReitBZ and a cryptocurrency exchange in Brazil in prior years.
The Latest Push
Reuters reports that Banco BTG Pactual S.A. plans to expand its presence in the digital asset sector with its latest stablecoin creation called BTG Dol. The token will be available on Mynt, the bank’s cryptocurrency platform, and will be pegged to the value of the US dollar. BTG Pactual described the stablecoin as a new investment tool that can “dollarize” investor portfolios and include due diligence, anti-money laundering, and compliance processes.
Marcel Monteiro, the Head of Operations at Mynt, praised the launch and confirmed that BTG Dol will be the 23rd token on the platform and the only one the bank issued.
Mynt already allows trading with several leading cryptocurrencies by market capitalization, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Polygon (MATIC), Polkadot (DOT), Cardano (ADA), and the second-largest stablecoin — USD Coin (USDC).
The Previous Forays
BTG Pactual entered the cryptocurrency sector in May 2020 by issuing a token called ReitBZ on the Tezos (XTZ) blockchain, which backs Brazilian real estate and takes part in security token offerings (STOs). The bank announced the launching of Mynt, a new platform offering direct access to cryptocurrencies, in September 2021. Andre Portilho, the Head of Digital Assets at BTG Pactual, remarked that “crypto is a new technology with great potential for transformation, and it brings both risks and opportunities.”