Major Brazilian cryptocurrency exchanges plan to roll out support for a new stablecoin, Real-T (REALT), pegged one-to-one with the Brazilian real, as per a report by Cointelegraph Brasil on June 26.
Brazilian platforms such as PagCripto, Nox Trading, 3xBit, and Bitcambio will be amongst the next adopters of the REALT Token. The whitepaper of the token elaborates that the “Real-T Token” is an Ethereum-based ERC-20 stablecoin that is “strictly pegged” to BRL.
As per the paper the company behind the token, Real-T Tecnologia S.A., will publicly share its bank statement in order to provide evidence for full backing of Real-T in fiat money. The paper went on to note that the Real-T will be the first stablecoin backed by the real.
Originally, REALT was launched on the exchange Stratum on May 9, followed by CBX on May 10. As per the announcement, REALT is available for deposit and withdraw, as well as for trade with USDT.
The Department of Federal Revenue of Brazil (RFB) has previously announced new regulatory policies for crypto exchanges, that will be implemented from September. The new policies mandate that exchanges have to inform the RFB on user transactions in order to guard against tax fraud. Further, it specifies exchanges based outside of Brazil to disclose transaction data when its monthly value surpasses $7,750.
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