A former Brazilian central bank official launched BRD, a stablecoin pegged to the real exchange rate and with shared profits.

Former Central Bank of Brazil director Tony Volpon has launched BRD, a stablecoin pegged to the Brazilian currency and backed by Brazilian government debt. Speaking on CNN Brazil's "Cripto na Real" program, Volpon stated that the token will be backed by national bonds, tying its value to sovereign debt, aiming to allow holders to benefit from local interest rates. The Central Bank of Brazil's benchmark interest rate is 15%, while the Federal Reserve's target rate is 3.5% to 3.75%.