Conduit and Braza Group Launch Stablecoin FX Swaps for Payments in Brazil
Conduit has partnered with Braza Group to facilitate real-time foreign exchange swaps between the Brazilian real and major currencies via stablecoins. Key details include:
- The service enables quick conversion of Brazilian real to U.S. dollars or euros, settling transactions in minutes.
- This contrasts with traditional FX methods, which can take up to three days for settlement.
- Braza, Brazil's largest FX bank, processed $67 billion in transactions last year and launched its real-pegged stablecoin BBRL on XRP Ledger.
- Payments originating in Brazil will see Braza mint BBRL tokens, which Conduit swaps for dollar- or euro-pegged stablecoins.
- Stablecoins are rapidly growing in the cross-border payments sector, especially in developing markets.
- Citi projects the stablecoin market could expand from $250 billion to $1.6 trillion by 2030.
- U.S. lawmakers are advancing regulations specific to stablecoins, promoting their use in payments.
Conduit reported a $10 billion annualized transaction volume and raised $36 million last month to enhance its payment infrastructure.