Swiss government-owned financial institution PostFinance has revealed plans to enable its customers to access cryptocurrencies through a collaboration with regulated digital asset services provider Sygnum Bank.

Brazilian financial powerhouse BTG Pactual, recognized as one of Latin America’s largest investment banks, has unveiled a stablecoin via the bank’s cryptocurrency platform Mynt.

As gold prices move towards a historic peak, the total market capitalization of digital assets backed by the precious metal has surpassed the $1 billion mark. These digital assets are stablecoins that essentially tokenize gold and follow its price.

Top stories in the Crypto Roundup today:

• Swiss Government Owned Bank Embraces Crypto
• Brazilian Financial Powerhouse ‘BTG Pactual’ Launches Polygon-Powered Stablecoin
• Gold-Backed Digital Assets’ Market Cap Surpasses $1 Billion

Swiss Government-Owned Bank Embraces Crypto

Swiss government-owned financial institution PostFinance has revealed plans to enable its customers to access cryptocurrencies through a collaboration with regulated digital asset services provider Sygnum Bank.

PostFinance’s 2.5 million clients are soon set to be able to buy, store, and sell major digital assets like Bitcoin and Ether, with additional ones set to be added in the future. Switzerland’s approach to crypto significantly differs from countries like the U.S., where efforts to suppress the crypto market appear to be the primary objective.

Sygnum, a crypto-focused bank that secured a banking license from Swiss regulators four years ago, serves various institutions, including Cantonal and private banks.

PostFinance’s Chief Investment Officer Philipp Merkt has said in a statement that digital assets have “become an integral part of the financial world,” and added its customers “want access to this market.”

Brazilian Financial Powerhouse ‘BTG Pactual’ Launches Polygon-Powered Stablecoin

Brazilian financial powerhouse BTG Pactual, recognized as one of Latin America’s largest investment banks, has unveiled a stablecoin via the bank’s cryptocurrency platform Mynt.

BTG Pactual is a leading financial services firm in Brazil and Latin America. It offers investment banking, wealth management, and asset management services. It was founded in 1983 and has its main office in São Paulo, Brazil. It also has branches in other countries.

The bank launched its own stablecoin called BTG Dol. BTG Dol is pegged to the U.S. dollar at a 1:1 ratio, allowing for an easy integration between the traditional and the digital financial systems. It also gives users an efficient and secure way to invest in the U.S. dollar.

BTG Dol is now accessible for purchase on the BTG Pactual investment platform and the Mynt app, with investment opportunities starting at R$100 (US$19.7). The stablecoins run on the Polygon blockchain.

Gold-Backed Digital Assets’ Market Cap Surpasses $1 Billion

As gold prices move towards a historic peak, the total market capitalization of digital assets backed by the precious metal has surpassed the $1 billion mark. These digital assets are stablecoins that essentially tokenize gold and follow its price.

Tokenized gold stablecoins are blockchain-based assets that represent ownership of physical gold held by the issuer of these coins. They offer investors a way to access the precious metal without paying management fees or storing gold bars themselves.

The two dominant gold-backed stablecoins are Paxos Gold (PAXG), and Tether Gold (XAUT). The former has a market capitalization of $518 million, while the latter’s market cap is at $499 million.

Gold, a traditional hedge against uncertainty, has increased in price since March due to investor worries about failing banks and a potential government bailout, which would cause fiat money supply to expand and currency value to drop.

State of the Crypto by Top Tier Exchange Volume

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