Argentina-based Num Finance has gone reside with a stablecoin pegged to the Colombian peso, the corporate introduced Aug. 24 in an X publish.
The stablecoin — known as nCOP — is an overcollateralized, Polygon-based stablecoin and is aimed on the remittance market.
Colombia receives over $6.5 billion a 12 months in remittances, Num stated in a weblog publish. Remittances are one of the key use cases for stablecoin.
The nCOP incorporates the “Num yield function,” which permits consumer rewards to be paid in nCOP. Num Finance CEO Agustín Liserra stated:
“In Colombia, there exists a singular alternative to ‘tokenize’ remittances and supply them a yield in nCOP, primarily based on regulated monetary merchandise. At present, Colombia is likely one of the foremost recipients of remittances in Latin America.”
That is the third stablecoin the corporate has produced — after the nARS pegged to the Argentinian peso and the nPEN pegged to the Peruvian sol.
Associated: Colombia’s central bank recommends limiting CBDC holdings and spending
Num received $1.5 million in pre-seed funding led by Reserve protocol in Could. It stated on the time that over $2.5 million price of nARS and nPEN have been in circulation, and was launching stablecoins pegged to the Brazilian actual, Colombian peso and Mexican peso.
The Colombian central financial institution is considering issuing a central bank digital currency — one other potential car for remittances — and has decided that it ought to place holding and transaction limits on a future CBDC to safeguard the native monetary system.
Introducing nCOP, the brand new Num Stablecoin and the main stablecoin for Colombia! pic.twitter.com/u16SOFqTl8
— Num Finance (@Num_Finance) August 24, 2023
Additionally on Aug. 24, it was disclosed that Mastercard will cease supporting Binance crypto debit playing cards in Latin American nations, together with Colombia.
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