Real-Pegged Stablecoin Real-T Token To Gain Integration With Multiple Brazilian Crypto Exchanges
Brazilian crypto exchanges including big names like PagCripto, Nox Trading, 3xBit, and Bitcambio have come out and said that they will be issuing stablecoin Real-T which is pegged one-to-one with the Brazilian real.
As an ERC20 compliant token, the Real-T Token can be transferred on the Ethereum network. These tokens are created when users deposit Brazilian Real at Real-T's bank account. Users can also redeem Real-T Tokens in exchange for Brazilian Real by requiring the burning of such tokens.
There are many stablecoins that are pegged to the US Dollar like Tether, Gemini Dollar, True USD, PAX, and many more. However, Real-T is the first stablecoin to be pegged in Brazilian Real. It makes sense for the team to do so as Brazil has been a hot spot for cryptocurrency trading in recent years. Local traders and arbitrators have shown a lot of interest in a tokenized version of the Brazilian Real. RealT was launched on Stratum closely followed by CBX a couple of months back.
Remy Jacobsen, Founder, and CEO of RealT, said:
“Tokenization represents a new frontier of financial instruments that will require significant research and development as it marches forward into mainstream applications.”
We had reported about the Department of Federal Revenue of Brazil (RFB) releasing new rules requiring crypto exchanges to inform financial regulators about users' transactions in order to identify tax fraud. The agency expects that exchanges based in Brazil give the authorities information about all transactions carried out within their system, while those platforms based abroad must provide information whenever the monthly value of the operations, alone or jointly, exceed 30,000.00 Brazilian reals.