A former Brazilian central bank official launched BRD, a stablecoin pegged to the real exchange rate and with shared profits.
PANews reported on January 7th that, according to CoinDesk, former Central Bank of Brazil director Tony Volpon has launched BRD, a yield-sharing stablecoin pegged to the Brazilian currency and backed by Brazilian government debt. Volpon stated on CNN Brazil's "Cripto na Real" program that the token will be supported by national bonds, linking its value to sovereign debt, aiming to allow holders to enjoy the benefits of local interest rates. The Central Bank of Brazil's benchmark interest rate is 15%, while the Federal Reserve's target interest rate is 3.5% to 3.75%.
Volpon stated that this move aims to make it easier for foreign investors to access Brazil's high-yield environment. Although Brazil's interest rates have long attracted international attention, access to these yields has often been limited due to factors such as regulatory restrictions, currency frictions, and domestic infrastructure. BRD may increase demand for the country's debt and potentially lower borrowing costs by expanding the investor base.
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