FTX releases largest Brazilian stablecoin for cheap withdrawals via Solana

FTX releases largest Brazilian stablecoin for cheap withdrawals via Solana" title="FTX releases largest Brazilian stablecoin for cheap withdrawals via Solana" />

Brazilian stablecoin BRZ, pegged to the Brazilian real, is now available on the exchange FTX via Solana's blockchain.

With this, transactions involving cryptocurrency will become much faster and cheaper, and it will even be possible to make transfers to other exchanges that also work with Solana.

In a note, Transfero, issuer of BRZ, explains that the main advantage is the lower transaction cost between exchanges. By way of comparison, a BRZ transfer using the network Ethereum can cost up to R$ 50.00 in fees, in times of high network congestion.

With the new integration, costs would be close to zero. Carlos Russo, Transfero's CFO, compares the change to the difference between DOC and Pix.

“It is as if before BRZ could be transferred by DOC, which has a high cost, and now it can be transferred by PIX, with a cost close to zero”.

BRZ

BRZ is the largest stablecoin on the market pegged to the real, issued by I transfer. For each cryptocurrency created, the company needs to hold an equal amount in reais, dollars or cryptoassets. These reservations are inclusive audited and proven by specialized offices.

The currency has increasingly attracted adoption among Brazilians for allowing the negotiation of several cryptocurrencies in the parity of the country's local currency, including on international exchanges.

In the first five months of the year alone, it was registered movement of R$ 2.1 billion in the stablecoin. The cryptocurrency is currently listed on several exchanges in Brazil and abroad, with its highest trading volume on FTX itself.

Companies have a close relationship. Last year, Transfero received a contribution of R$ 40 million from Alameda Research, which owns the cryptocurrency exchange and is headed by the same CEO, the billionaire Sam Bankman-Fried.

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