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 like PagCripto and Nox Trading will be among the first to adopt 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.
According to the paper, Real-T Tecnologia S.A. will publish its bank statement in public in order for the evidence of full backing of Real-T in fiat currency. The paper also noted that Real-T would be the first stablecoin to be backed by real.
Originally, REALT was launched on the exchange Stratum on May 9, followed by CBX on May 10. According to the announcement, REALT can be used for withdrawal and deposit as well as 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. To guard against tax fraud, the new policies require that all exchanges report user transactions to the RFB. It also requires exchanges located outside Brazil to report transaction data if the monthly value exceeds $7,750.