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Colombian Peso Stablecoin Goes Live on Polygon, Aiming for $10B Remittances Market
Num Finance already issues stablecoins pegged to the Argentine and Peruvian local currencies.
Updated Aug 24, 2023, 8:28 p.m. Published Aug 24, 2023, 8:28 p.m.
Stablecoin issuer Num Finance has rolled out a Colombian peso-pegged token on the Polygon network, the company said Thursday in a press release.
Named nCOP, the token is over-collateralized by reserve assets and allows people and businesses to transfer, pay, earn, and save money using blockchain rails, the press release said.
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The new offering arrives as stablecoins, a roughly $124 billion subset of digital assets, are increasingly in demand in emerging regions with frail financial systems such as Latin America or Turkey. People also use these cryptocurrencies to send remittances and store value, according to report by crypto research firm Chainalysis.
"Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country," Agustín Liserra, CEO of Num Finance, said in a statement. "Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it."
Num Finance already issues Argentine peso and Peruvian sol stablecoins, and previously laid out plans to roll out new offerings pegged to local currencies in Brazil, Mexico and Bahrain.
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