Network: Polygon
Category: Stablecoin
Address: 0x5C067C80C00eCd2345b05E83A3e758eF799C40B5 (View on PolygonScan)
About BRL1
BRL1 is a fully backed stablecoin pegged 1:1 to the Brazilian Real (BRL), designed to enable fast, low-cost, and reliable digital transactions. Developed by a consortium of leading exchanges and industry players, BRL1 provides users and institutions with an efficient way to transfer BRL globally in just minutes, bypassing traditional banking limitations and delays.
Built on the Polygon blockchain, BRL1 leverages scalable, high-speed transactions, making it an ideal solution for cross-border payments, institutional transfers, and crypto trading. By combining the efficiency of blockchain technology with the security of fiat-backed reserves, BRL1 offers a seamless bridge between traditional finance and the digital economy.
Key Points of BRL1
Stable and Transparent
BRL1 is fully backed by reserves held in regulated financial institutions, ensuring that each token is redeemable for an equivalent amount of BRL. The consortium behind BRL1—comprising Bitso, Mercado Bitcoin, Foxbit, and Cainvest—prioritizes compliance and transparency, reinforcing user confidence in the asset.
Fast and Low-Cost Transfers
BRL1 allows users to send and receive BRL instantly, with significantly lower fees compared to traditional banking methods. Its blockchain-based infrastructure ensures 24/7 availability, unrestricted by banking hours or intermediaries.
Seamless BRL Transactions
BRL1 simplifies BRL-denominated transactions across crypto markets, allowing for frictionless trading and enhanced liquidity. The stablecoin provides a secure alternative to traditional banking rails, making transfers faster and more efficient.
How to Acquire BRL1 on Bitso
Purchasing BRL1 on Bitso is simple:
- Log in to your Bitso account and navigate to the "Buy/Sell" section.
- Select BRL1 and choose your preferred payment method (BRL or other supported assets, if applicable).
- Enter the amount you want to either spend or purchase, and confirm the transaction.
Done! Now you can send and receive BRL1 internationally with speed and lower costs.
Important Note: Initially, users with BRL in their Bitso Alpha account or in the Bitso app (Bitso’s consumer platform) will be able to trade BRL directly for BRL1. Additionally, in the Bitso app, conversions to BRL1 will be available only for assets that already have a BRL book on Bitso, including BTC, ETH, BCH, ADA, DOGE, DOT, LTC, SHIB, SOL, USD, USDT, and XRP.
FAQ
What is BRL1 used for?
BRL1 is designed to facilitate stable and efficient digital transactions. Its primary use cases include:
- Trading on exchanges with BRL liquidity without having to go off-chain to interact with traditional banking systems.
- Cross-border payments for businesses and individuals.
- Future Integration with DeFi protocols for lending, borrowing, and liquidity provision.
- Hedging against BRL volatility within the crypto ecosystem.
Is BRL1 available on multiple blockchains?
Currently, BRL1 is issued on the Polygon network. Future integrations with additional blockchains may be considered based on market demand and ecosystem expansion.
How does BRL1 maintain its 1:1 peg to the BRL?
BRL1 is fully backed by Brazilian Real reserves held in regulated financial institutions. The minting, issuing and redemption process ensures that the total supply of BRL1 remains equivalent to the assets held in reserve, maintaining price stability.
Can BRL1 be used for institutional transactions?
Yes, BRL1 is designed to serve both retail and institutional users. Its ability to enable fast, low-cost international transfers makes it a valuable tool for institutions looking to move BRL across borders efficiently, without traditional banking delays.
How does BRL1 differ from other stablecoins?
Unlike most stablecoins that are pegged to the US dollar, BRL1 is directly tied to the Brazilian Real, making it a more efficient option for users and businesses operating within Brazil’s financial ecosystem. It allows for faster and cheaper BRL transfers, improving liquidity and accessibility in the crypto market.
Disclaimer
This Help Center article is for informational purposes only and does not constitute financial advice. BRL1 is a stablecoin, whose value is tied to the Brazilian Real (BRL). While designed to maintain price stability, users should consider blockchain transaction fees and potential risks associated with digital assets. Bitso encourages responsible use and recommends conducting your own research (DYOR) before engaging in any transactions.