Stablecoin Pegged to the Colombian Peso Targets Multi-Billion Dollar Market

Measum Shah

Business Services

Stablecoin Pegged to the Colombian Peso Targets Multi-Billion Dollar Market. Previously, the Argentine fintech business launched stablecoins for the Argentine and Peruvian markets.

Although USD-pegged assets account for the lion’s share of the stablecoin market, with a smaller subset pegged to the euro, companies worldwide have begun to launch stablecoins pegged to their native currencies to offer companies and consumers an alternative to traditional payment services.

Num Finance. A tiny Argentine fintech firm. Just introduced nCOP. A stablecoin built on the Polygon network linked to the Colombian Peso.

The project received $1.5 million in pre-seed funding from investors, including Reserve, Ripio Ventures, and others.

Targeting a Multi-Billion-Dollar Market

According to Num Finance CEO Agustn Liserra. The Colombian market was chosen because it is one of the largest in the country.

Based on authorized financial instruments, Colombia offers a unique possibility to “tokenize” remittances and pay them in nCOP. Colombia is currently one of Latin America’s most important recipients of remittances. With about USD 6.5 billion flowing into the country. Num Finance seeks to provide a new way for people to transfer and receive nCOP as remittances while earning a return.”

Companies who adopt nCOP over regular remittance channels would reportedly receive 8% yields.

Current and Future Plans

Liserra further stressed his company’s commitment to providing alternate business methods in markets where traditional finance is reportedly falling behind technologically.

Launching nCOP is another step forward in our commitment to delivering cutting-edge financial technology to sectors where traditional finance is trapped in antiquated procedures. As we extend our stablecoin products, we are consistently inspired by our investors’ unshakable faith in our long-term ambition.”

Num Finance previously released nARS and nPEN, two stablecoins tied to the Argentine Peso and the Peruvian sol, respectively. According to a Num Finance spokeswoman, the company is also investigating stablecoins connected to the Mexican Peso. The Brazilian real, and the Bahraini dinar.

On the other hand, Num Finance may soon have to compete with a homemade Peruvian stablecoin.

The Colombian central bank is now investigating. Launching an XRPL-based stablecoin in partnership with Ripple and Spanish blockchain business Peersyst Technology is possible. As previously reported by CryptoPotato.

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