Stellar Foundation Joins Effort To Create Digital Currency Pilot Project in Brazil

The Stellar Development Foundation (SDF) is partnering with a leading crypto exchange as part of a wide-ranging test program seeking to expand Brazil’s blockchain industry.

In a new press release, Stellar says it was selected along with the Mercado Bitcoin exchange as one of nine participants in the Challenge Real Digital project.

The project was created by the Central Bank of Brazil’s Financial and Technological Innovations Laboratory (LIFT) to explore possible use cases of a central bank digital currency (CBDC).

Mercado Bitcoin says it chose to work with Stellar due to SDF’s past experience with CBDCs and stablecoins, as well as the Stellar network’s “unique combination of speed, efficiency, security, and compliance.”

Mercado Bitcoin CEO Reinaldo Rabelo says of the alliance,

“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology.

Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank.”

SDF’s CEO Denelle Dixon adds,

“Stellar’s network is prepared to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the Real Digital’s future.

Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that [Central Bank of Brazil] expects to see.”

The non-profit SDF was created in 2014, with native token Stellar Lumens (XLM) used for staking as well as to pay for network services.

The Central Bank of Brazil provides information about all nine test projects here.

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