Why Celo launched an algorithmic stablecoin pegged to Brazil's currency (via k_majch)
Markus Franke told The Block that the cREAL now provides a way to use complementary DeFi applications . For example, Celo’s DeFi applications could help enable new options for building up a credit history, he said.
According to Franke, Brazil’s high penetration of smartphones and strong “gig economy" make the country an interesting market for launching a stablecoin in local currency that is focused on mobile payments. “Now, this is changing,” Franke says, of stablecoins typically being pegged to the dollar. “Now we see real end-users coming into the equation, using crypto not only for trading but also for transactions, for saving, for lending and borrowing, but also for payments for remittances. And now it makes a difference because people in these different countries actually have to maybe pay their merchants in local currencies, or pay taxes in local currencies.
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