Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token, Bloomberg reported on Feb. 21.

The token dubbed “ReitBZ” — which will be backed by distressed real estate assets in Brazil — will reportedly enable the bank to provide its real estate business to international investors at lower costs than with traditional means. ReitBZ will be perpetual, with the initial offering period of around 90 days, while proceeds will be reinvested in the distressed portfolio.

Andre Portilho, BTG’s partner responsible for the project, reportedly said that the bank began exploring the technology behind cryptocurrency several years ago, and said that “we thought Bitcoin (BTC) and other currencies were turning too volatile, but we saw an opportunity with this token to try something new — but also with our skin in the game.” The bank reportedly expects to raise $15 million through an initial coin offering (ICO).

Investors will purportedly be able to buy ReitBZ via a special platform by using the Gemini Dollar (GUSD) stablecoin or Ethereum (ETH). The bank reportedly specified that investors will “receive periodical dividends from the recovery of the distressed assets, which will be handled by a BTG-owned company called Enforce.” The investments will not be hedged.

In September 2018, the largest brokerage in Brazil, Grupo XP, announced its plans to enter the crypto space by launching an exchange for Bitcoin and Ethereum called XDEX. Grupo XP CEO Guilherme Benchimol reportedly said that the company was pushed into the crypto business by the popularity of cryptocurrencies among investors. Three million Brazilians “have exposure” to Bitcoin, compared to only 600,000 that invest in the stock market.

Earlier today, Japan’s banking giant Mizuho Financial Group revealed that it will launch its own stablecoin for payments and remittance services on March 1. The coin will reportedly be managed by a dedicated mobile app, dubbed J-Coin Pay, using QR codes at checkout to complete retail payments, as well as fixed at a price of 1 yen (~$0.01) per unit.