Brazil's XP Launches USD Stablecoin USDXP on Rayls Labs Blockchain

Brazilian investment platform XP has announced the launch of its USD stablecoin, USDXP. According to Foresight News, the stablecoin is issued through its digital brokerage subsidiary, Clear Corretora, on the Rayls Labs blockchain network. USDXP is fully backed by a 1:1 reserve of U.S. dollars held in accounts at international financial institutions. XP Inc., which manages client assets exceeding 2 trillion Brazilian reais (approximately 400 billion USD), has integrated USDXP into the Clear platform, enabling round-the-clock trading and instant execution. XP has indicated potential future expansion to include other currencies such as the euro and the British pound.