A well-known Brazilian project, Lunes will now have its own stablecoin, seeking even more usability in the crypto market.
THE Lunes announces an exciting feature that was already foreseen in its roadmap for 2020. This is the stablecoin LBRL, a stable crypto based on the Brazilian fiat currency. With this, the project adds another solution to its portfolio, aiming to facilitate the movement of assets in its portfolio, in addition to introducing something that combines with the transparency and reliability of the records in blockchain – this being one of the segments reached by the project.
Getting to know stablecoin LBRL better
The acronym LBRL has a very intuitive meaning, where the letter L represents the initial of the Lunes project, while BRL refers to the Real.
Like all FIAT-backed stablecoin, the LBRL is also guaranteed 1: 1 parity. As the proportion is in relation to the Real, this means that for each 1 LBRL in circulation there is 1 BRL available in a bank account, thus fully ensuring the conversion of balances in LBRL to BRL.
Currency issue and settlement
The LBRL is issued by Lunes Superblock Serviços Financeiros Ltda. THE startup company operates in the sector offering solutions in blockchain technology for people and companies, from financial services to even online document signatures and authenticity records.
As for the settlement of currencies, everything works in a very simple way: Whenever there is a request for conversion from LBRL to Reais, the amount of LBRL will be withdrawn (or “burned”) Of circulation and the amount in Reais will be transferred from the LBRL bank account to the applicant.
Where to get LBRL?
You can purchase LBRL in the app Lunes Wallet. In fact, many activities can be carried out there, such as making payment of slips in cryptocurrencies through an easy-to-use interface and making various transactions using a decentralized wallet.
Today, the community already uses the LBRL on Lunes Wallet for such activities, however LBRL trading on exchanges and OTC tables will open in the near future. In fact, according to the live held at the end of last week, LBRL already takes its listing on the Exchange for granted CAT.EX – which is expected by the end of May.
There is no doubt that we can expect more news for this year, as more and more resources are disclosed and implemented.