Celo Launches a Stablecoin Pegged to Brazilian Real

TL;DR Breakdown

• Celo introduces cREAL as its third stablecoin, following from cUSD and cEUR.
• cREAL can be used to create CeFi and DeFi apps and services on the Celo blockchain.
• Brazilians are warming up to stablecoins amid crypto market crash and real devaluation

CELO, a blockchain platform that aims to increase crypto adoption among smartphone users, has unveiled cREAL. cREAL is a Brazilian real-pegged stablecoin. Today, January 27, cREAL will begin trading on Brazilian cryptocurrency exchanges. cUSD and cEUR were the previous two stablecoins on the platform.

Celo’s cREAL gets introduced in Brazil.

On June 29, 2021, Celo Dollars (cUSD) was added to the platform’s mainnet as a stablecoin. Later, on November 11, 2021, the CELO Euro (cEUR) stablecoin was introduced to the market pegged to the Euro. The primary distinctions between cUSD and cEUR assets are function and price.

cREAL comes third on it’s mainnet. It can be found on Bitcoin exchanges in Brazil, including Ripio and FlowBTC. It’s also available on a two cryptocurrency wallets like Coins and Bitfy.

Celo is a blockchain that uses proof-of-stake and open-source technology. Camila Rioja, the Latam lead for the Celo Foundation, said that the rate of cryptocurrency adoption in high-growth markets—such as Brazil—signals growing excitement for this new digital economy and advances in real-world use cases.

The cREAL was created and then given the green light by the platforms` original digital asset (CELO) and blockchain governance. NovaDAX users may use the exchange’s prepaid crypto card to withdraw funds.

The cREAL can be used in all Celo networks, Brazil’s major credit and debit card provider.

Brazilians embracing stablecoins amid crypto crash

In 2021, the Brazilian cryptocurrency market moved away from the regulation conflicts. With the general public, it finally gained acceptance. 2022 will be no different in this regard. Despite the crypto market downturn and volatility, Brazil has continued to embrace blockchain and crypto initiatives.

Brazilians sought economic security in the form of cryptocurrency. Ten million Brazilians are now part of the crypto industry. Stablecoins are becoming increasingly popular in Brazil, as inflation and the real’s depreciation have made it harder for investors to diversify their portfolios.

In 2021, Brazilians invested $11.4 billion in stablecoins. The market trade was almost three times the total traded in 2020.

Celo is currently working on projects like ImpactMarket in Brazil. ImpactMarket is a program that gives humanitarian aid to the less fortunate. Through this program, it has already given money to 10,000 people in Latin America.

The Brazilian crypto market is bracing for a better financial year as the cryptocurrency slump subsides. Also, investors are keen to gain a clearer understanding of the crypto industry.