|
|
Argentinian-based Num Finance announced on August 24th via a post on the X platform that the company has launched a stablecoin pegged to the Colombian peso. This stablecoin is known as nCOP and is an over-collateralized stablecoin based on Polygon, primarily targeting the remittance market.
In a blog post, Num stated that Colombia receives over $6.5 billion in remittances annually, making remittances a key use case for stablecoins. The nCOP stablecoin includes the ""Num Yield feature,"" allowing users to receive rewards in the form of nCOP payments. Agustín Liserra, CEO of Num Finance, mentioned, ""In Colombia, there's a unique opportunity to tokenize remittances and provide nCOP yields for remittances based on regulated financial products. Currently, Colombia is one of the main remittance-receiving countries in Latin America.""
This is the third stablecoin introduced by the company, following nARS pegged to the Argentine peso and nPEN pegged to the Peruvian sol. In May, Num secured a $1.5 million seed funding round led by Reserve Protocol. At that time, the company mentioned that nARS and nPEN, worth over $2.5 million, were already in circulation, and they were considering launching stablecoins pegged to the Brazilian real, Colombian peso, and Mexican peso.
The Central Bank of Colombia is also exploring the issuance of a central bank digital currency (CBDC), another potential tool for remittances. The bank has indicated that there will be restrictions on the holding and trading of the CBDC to safeguard the local financial system.
Furthermore, it was disclosed on August 24th that Mastercard will cease support for Binance crypto debit cards in Latin American countries, including Colombia. |
|
Post time 31-8-2023 10:56:47