Brazilian National Development Bank finances documentaries through stable coins based on Ethereum

Brazil's National Development Bank, the National Bank for Economic and Social Development (BNDES), will work with domestic filmmaker Elo Company to finance the production of a documentary film for the Elo Company through BNDES's token of the same name. BNDES launched the above token to make internal fund management more transparent. The token follows the Ethereum ERC20 standard and is linked to the Brazilian legal currency, Real, and is directly supported by the Brazilian Central Bank.