Cody McGrath 
As part of the Financial and Technological Innovation and Technology Laboratory, the Banco Central do Brasil chose Itaú and seven other projects.
Itaú Unibanco will work on decentralized finance (DeFi) liquidity pool for Brazil’s central bank.
The move is part of the government’s Financial and Technological Innovation and Technology Laboratory (LIFT), a public program that aims to improve financial inclusion.
The central bank said in a statement released Friday that the platform will use blockchain and smart contracts to make it possible to store and trade tokens like stablecoins that are tied to the real, U.S. dollar, or other fiat currencies.
Itaú said in July that it plans to launch a platform for tokenizing assets. This platform will turn traditional financial products into tokens and offer crypto custody services to Ita’s customers.
The Banco Central do Brasil also talked about seven other projects. One of them is Easy Hash, which wants to tokenize financial assets on the blockchain to spread credit risk among many creditors.