Brazilian investment platform XP launches USD stablecoin USDXP on Rayls

Foresight News reports that Brazilian investment platform XP has announced the launch of the USD stablecoin USDXP. This stablecoin is issued by its digital brokerage subsidiary Clear Corretora on the Rayls Labs blockchain network, fully backed 1:1 by US dollars, with reserves held in accounts at international financial institutions.

XP Inc. manages client assets exceeding 2 trillion Brazilian reais (approximately 400 billions USD). USDXP has been integrated into the Clear platform and is now live, supporting 24/7 trading and instant execution. XP stated that in the future, it may further expand to currencies such as the euro and the pound sterling.