Num Finance launches Colombian peso stablecoin on Polygon
Argentina-based Num Finance has actually revealed it has gone live with a n stablecoin pegged to the Colombian peso, the business announced Aug. 24 in an X post. The stablecoin– called nCOP– is an overcollateralized, Polygon-based stablecoin and is intended at the remittance market. Colombia receives over $6.5 billion a year in remittances, Num stated in a blog post. Remittances are one of the essential use cases for stablecoin.The nCOP logo. Source: Num FinanceThe nCOP incorporates the “Num yield function,” which permits user rewards to be paid in nCOP. Num Finance CEO Agustín Liserra said:” In Colombia, there exists a special chance to tokenize remittances and provide them a yield in nCOP, based upon controlled monetary items. Presently, Colombia is among the main recipients of remittances in Latin America.” This is the 3rd stablecoin the business has actually produced– after the nARS pegged to the Argentinian peso and the nPEN pegged to the Peruvian sol.Related: Colombias central bank advises limiting CBDC holdings and spendingNum received $1.5 million in pre-seed financing led by Reserve protocol in May. It said at the time that over $2.5 million worth of nARS and nPEN were in flow, and was taking a look at releasing stablecoins pegged to the Brazilian genuine, Colombian peso and Mexican peso. The Colombian reserve bank is thinking about issuing a reserve bank digital currency (CBDC)– another potential car for remittances– and has actually identified that it ought to position holding and transaction limits on a future CBDC to secure the local monetary system.Introducing nCOP, the new Num Stablecoin and the leading stablecoin for Colombia! pic.twitter.com/u16SOFqTl8— Num Finance (@Num_Finance) August 24, 2023
On Aug. 24, it was revealed that Mastercard will stop supporting Binance crypto debit cards in Latin American countries, including Colombia.Magazine: The Invisible Man of the Visible World: How Blockchain Could Offer New Hope to Stateless Rohingya