Peruvian Stablecoin Launches on Stellar Blockchain

Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network. It is going to launch a new stablecoin in Peru.

The digital Peruvian sol

The new stablecoin is pegged to Peru’s official fiat currency, the Peruvian sol (PEN). It is designed to enable direct transactions through Anclap’s network. This includes conversions to other fiat currencies and “any other digital assets”, announced the company on Saturday.

The stablecoin, dubbed the “digital sol,” is said to be 100% backed by local fiat currency. The coin is available on the Stellar network to be integrated into any platform.

According to the announcement, the digital sol is already available for purchase from various digital wallets and exchangeable against other currencies such as the Argentine peso, the Brazilian real, the US dollar and the euro.

Anclap co-founder Ivan Mudry said:

“The digital sol opens the borders of the Peruvian market. This allows local people and businesses to send and receive payments, exchange value with anyone else in the world in all currencies, within minutes and at a very low cost.”

The digital sol is the latest Stellar-based stablecoin to join the Anclap stablecoin ecosystem after the company began work on Argentina’s peso-pegged stablecoin in January 2020. Argentina and Peru are currently connected to the Stellar Network using their respective stablecoins. Like this noticed Anclap Friday on in a blog post.

The company expects to launch more stablecoins for the Colombian peso and the Chilean peso in October and November 2021, respectively. Other stablecoins such as the digital Mexican peso and the digital Brazilian real are website by Anclap still under development.

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Anclap stablecoin ecosystem – Source: Anclap

Regulations surrounding stablecoins are tightened

Anclap has been working on its Stellar-based digital payment network since 2017, with the mission of eliminating expensive and slow banking transactions.

“It is not just a new country with their stablecoin, but millions of citizens who are now bridged to new financial opportunities to build a better future for themselves”. Like this wrote Anclap at the launch of the digital sol on Twitter.

The launch of the digital sol is taking place amid massive growth in the private stablecoins market. Total stablecoin value rose from $37 billion in January to nearly $130 billion at the end of September 2021. This parabolic surge in the stablecoin market has attracted more attention from global regulators. Many jurisdictions worldwide are planning to tighten stablecoin regulations.

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