Paradigm invests $13.5 million in Brazilian stablecoin startup Crown

According to The Block, crypto venture capital firm Paradigm has announced a $13.5 million investment in Brazilian stablecoin startup Crown, valuing Crown at $900 million in this funding round. This is Paradigm's first investment in the Brazilian market, marking its recognition of the potential of digital assets in emerging markets.

The BRLV stablecoin created by Crown is pegged to the Brazilian real and is fully backed by Brazilian government bonds, making it the largest emerging market stablecoin globally. Unlike the zero-interest Tether, BRLV offers institutional clients returns of up to 15% based on the Brazilian benchmark interest rate, with current subscription amounts exceeding 360 million reais (approximately $66 million).