Since RSK has the ability to run smart contracts on the Bitcoin network, this opens up a huge range of possibilities for using the Brazilian cryptocurrency on DeFi.
The Brazilian Digital Token (BRZ), the Brazilian Real pegged stablecoin, has announced its integration with the RSK network. The integration will enable transactions based on the BRZ to attract extremely low gas fees which can be up to 2,000% lower than those initiated on the Ethereum blockchain.
As noted by Transfero’s Blockchain Developer, Solange Gueiros, “RSK combines the best of both worlds: the security of Bitcoin and the power of Ethereum’s smart contracts.” Based on this, projects built on the RSK network are able to take advantage of the advanced security features of the Bitcoin network.
The BRZ on RSK will allow Bitcoiners to adopt and use the Brazilian cryptocurrency on a network they fully trust. The BRZ is also already deployed on the RSK blockchain integrated with crypto wallets that use this environment.
The Brazilian BRZ Stablecoin to Benefit from DeFi Capabilities
According to the team, one of the goals of this integration is to allow the BRZ token a greater deal of flexibility and RSK does indeed enable a wide range of DeFi options.
Since RSK has the ability to run smart contracts on the Bitcoin network, this opens up a huge range of possibilities for using the Brazilian cryptocurrency on DeFi. Thus, using the BRZ in DeFi applications on RSK means harnessing the full potential of decentralized finance.
Worldwide, the BRZ is the largest stablecoin paired to a national currency, other than the dollar, having reached in May of this year the mark of 1 billion tokens issued. With BRZ, you can move balances between international platforms in seconds via blockchain technology, and it is also a hedging instrument for digital assets.