Braza, a group of companies that specialize in international payments and transfers, is launching a stablecoin pegged to the Brazilian Real on the XRP Ledger (XRPL), according to a Wednesday announcement.
The product is expected to debut in the first quarter of this year on the Braza On app. The stablecoin will be available for institutional clients.
Braza Group CEO Marcelo Sacomori has stated that the stablecoin would bring "significant value" to global markets.
Arman ShirinyanRipple claims that the product "represents a milestone in financial modernization."
Sacomori has predicted that the stablecoin could potentially capture as much as 30% of Brazil's market by the end of 2026. He believes that all currency exchanges will involve stablecoins five years from now.
In other news, Brazil recently greenlit its first XRP exchange-traded product (ETF). The ETF is expected to be launched in the near future.
Ripple has long had a strong presence in Brazil. As reported by U.Today, it announced the launch of an office in the Latin American country back in 2019.
Last July, it announced a deal with Fenasbac in order to explore new fintech opportunities in the country. The company also made a sizeable donation to the victims of the Brazillian floods in May.
The enterprise blockchain company also recently inked a partnership with Portuguese currency exchange provider Unicambio. The deal aims to enable more efficient payments between Portugal and Brazil.
Ripple President Monica Long previously stated that Brazil had emerged as a key cryptocurrency hub, praising the country's "forward-thinking" regulators.
Dan Burgin
Vladislav Sopov