XRP Ledger (XRPL) To Host Braza Bank's BBRL Stablecoin
Braza Group, an international payment firm, has introduced BBRL stablecoin, a digital currency linked to the Brazilian Real using the XRP Ledger (XRPL). The company says BBRL will help people and businesses make transactions more easily and safely.
It is worth mentioning that Braza Group has been in the banking sector for over 15 years. Now, with the launch of BBRL, the company is moving into digital finance.
According to the announcement, Braza Group said this stablecoin will give Brazilians and businesses a secure and stable way to trade and invest without the risk of sudden price changes. Similarly, Marcelo Sacomori, chief executive officer of Braza Group, said the project will help businesses manage money more efficiently and create more business opportunities.
"With BBRL, we are giving people and companies a safer way to handle digital transactions. This is about more than just a new currency -- it's about shaping the future of finance in Brazil," he explained.
In addition, the firm's CEO confirmed that BBRL will first be available to institutional clients in early 2025. After that, individuals can access it through the Braza On app.
Meanwhile, the statement published by Ripple Labs' disclosed that Braza Group chose XRPL for BBRL because it is fast, secure, and can handle large transactions.
Similarly, many digital asset investors have praised XRPL for making transfers quick and affordable. To complement this, Markus Infanger, Senior Vice President of RippleX, added that the XRP Ledger is a great fit for stablecoins like BBRL.
Furthermore, the firm is partnering with the Brazilian Central Bank on the DREX project. The goal is to link traditional banks with blockchain technology, allowing the Central Bank and the Securities and Exchange Commission (CVM) to interact more easily through a secure system.
But for now, the entity is testing different ways to use blockchain technology, including digital asset management and secure bank transactions. The XRP Ledger is known to welcome amendments regularly, so it believes the chain is the best fit.
A recent XRPL amendment is the NFTokenMintOffer, which went live on the mainnet last Sunday.
It is worth mentioning that BBRL is not the first stablecoin on XRPL. Several other digital currencies, such as Ripple USD (RLUSD) stablecoin, have already been released on the network. This token is gaining traction and it hit a new supply milestone earlier this week.
Regarding the future growth of BBRL stablecoin on the XRPL ledger, Sacomori Estimated that by 2025, Brazil will implement more regulations to support digital assets.
This would eventually make the market safer to trade, ushered in by more development. He also shared that stablecoins will soon play a pertinent role in global finance.
"We expect BBRL to capture about 30% of the market by the end of next year. Stablecoins are the future of digital transactions," he said.