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Celo Unveils Decentralized Stablecoin Backed by Brazilian Real

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Celo has launched a decentralized stablecoin pegged to the Brazilian Real that would list on Ripio, NovaDAX, and FlowBTC.

Source: Coindesk

CELOUSD is up +2.05%

cREAL would function as a crypto-collateralized algorithmic stablecoin compatible with CeFi and DeFi applications on the protocol.

Celo Foundation’s Latam head, Camila Rioja, says that Brazil’s enthusiasm for cryptocurrencies informed the decision to use the local currency.

NovaDAX users would access cREAL through a prepaid cryptocurrency card that the exchange would issue.

Celo foundation co-founder, Rene Reinsberg, says that CELO holders are behind the rollout of cREAL through blockchain governance.

Bitfy digital asset wallet would support the stablecoin. Users will access the digital asset via Cielo network, a Brazilian credit and debit card firm.

Celo is a permissionless, open-source blockchain that hosts cUSD and cEUR stablecoins backed by the US dollar and euro.

The high inflation rate in Brazil is forcing many of its citizens to turn to stablecoins. Brazilians traded $11.4 billion in stablecoins between January and November last year.

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