Currently, Brazil is the only country where cryptocurrency seems to be thriving. As a cherry on top, Celo has launched a Stablecoin called cReal. This stable coin is pegged to the Brazilian currency.
What Is cReal?
Celo is a phone-based blockchain. That means that the mobile-first DeFi platform is accessible to anyone with a mobile phone.
Additionally, Celo allows users to make crypto payments on the platform.
The company has launched a stable coin called cReal, which is tied to the value of the national currency, the Brazilian Real.
Stablecoins carry the crypto and fiat (paper money) world features.
Like cryptocurrencies, they provide fast, cheap, and secure money transfers.
Furthermore, Stablecoins are unique because they are “pegged” or tied to the movement of a reserved asset like the national currency of a country or gold.
Which helps Stablecoin avoid the volatility associated with cryptocurrencies. Most of the cryptocurrencies are not pegged to any national currency, and hence their market movements are volatile.
Hence, Stablecoins are digitally flexible and a traditional asset simultaneously. Stablecoins are helpful for everyday transactions, i.e., groceries, shopping, etc.
Three Stablecoin Creations Of Celo
The cReal is Celo’s third Stablecoin for mobile-based payments.
The company, in its announcement, said, “Brazil is now the first — and only — a country with a Celo stable coin that can seamlessly be traded, accepted as payment.”
Furthermore, Celo adds that consumers can use cReal to make payments for groceries or buy a car. Also, users can access Decentralized Finance (DeFi) apps and services on the platform.
Moreover, the company has said that cReal will be available on popular crypto platforms in Brazil. These crypto exchanges are FlowBTC, NovaDAX, and Ripo.
As noted, cReal is the third stable coin creation of Celo.
The company was successful in launching two stable coins before as well. These are the cUSD and cEUR that reflect the value of the Dollar and Euro, respectively.
Crypto Platforms Adopt cReal
The widely used crypto wallets in Brazil, Coins and Bitfy, have also added cReal on their platforms.
Celo asserts that the main benefit of cReal is that it allows users to trade crypto using smartphones. Furthermore, this will make transactions faster and cheaper.
Celo claims that its transaction speed is around five seconds. Also, the transaction fee will be under one cent.
Brazil has over 10 million cryptocurrency users. If cReal is successful, it could make a massive difference to the crypto community in the country.
As Brazilians transact crypto in huge volumes, the Brazilian Senate is now looking to regulate the digital asset. Additionally, a discussion over the bill will happen in Feb 2022.