Argentina-based Num Finance has introduced it has gone dwell with a n stablecoin pegged to the Colombian peso, the corporate introduced Aug. 24 in an X submit.
The stablecoin — referred to 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 acknowledged in a weblog submit. Remittances are one of many key use instances 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, based mostly on regulated monetary merchandise. Presently, Colombia is without doubt one of the essential 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 financial institution recommends limiting CBDC holdings and spending
Num acquired $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 had been in circulation, and was launching stablecoins pegged to the Brazilian actual, Colombian peso and Mexican peso.
The Colombian central financial institution is contemplating issuing a central financial institution digital forex (CBDC) — 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 international locations, together with Colombia.
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