Stablecoin BRZ is not backed by real but by a basket of assets report
Transfero Swiss, the BRZ issuer, releases the first audit report on the fiduciary currency reserves held as collateral of the Brazilian stablecoin paired with the real.
Signed by the law firms CMT Law and FMC Law, the report submitted to the Cointelegraph attests to the existence of a total reserve of R$ 47.653 million, equivalent to 106% of the total of 45 million BRZ, including outstanding and treasury assets.
Thus, there would be more reserve assets than tokens issued.
According to the report, the reserves verified are divided into real accounts in Brazilian banks and brokers, foreign currency in international brokerage and crypto nation pro assets.
According to Transfero, this strategy works as a security stock for possible market shocks.
The verification was done by means of a videoconference with the participation of representatives of the offices and the specialist in financial innovation, Bruno Diniz, in which the Transfero representative logged live into the different accounts held by the company, certifying in real time the existence of the funds.
„BRZ’s audit gives the investor the security he needs to maintain positions in this stablecoin and eliminates any kind of doubt that could exist regarding its collateral at a time when we are approaching 50 million tokens,“ explains Transfero Swiss CFO Carlos Russo.
The report also provides information on the volume of transactions, numbers of wallets and tokens in cash and in circulation.
Transfero recently joined Stablecoin projects in Indonesia, Canada, Turkey and Europe.
According to the Brazilian company, the stablecoins group is expected to collaborate to encourage high levels of security in transactions involving stablecoins.
Stablecoin Alliance is a non-profit organization, according to a statement on the creation of cryptomoeda, which advocates stablecoins that are not related to major exchanges in the market.