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Peruvian stablecoin launches on Stellar blockchain

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Peruvian stablecoin released on Stellar blockchain. Anclap, a Latin American stablecoin issuer, has added a new stablecoin to its Stellar-based stablecoin network in Peru.

In fact, the new stablecoin, which pegged to Peru’s official fiat currency, the Peruvian sol (PEN), meant to allow rapid transactions across Anclap’s network. Including conversions to other fiat currencies and “any other digital asset,” according to the company.

Digital sol

The stablecoin, dubbed the “digital sol”, is 100% backed by local fiat money. And is available on the Stellar network for integration into any platform.

The digital sol is already accessible for purchase and exchange against international currencies such as the Argentine peso, Brazilian real, US dollar, and euro, according to the statement.

“The digital sol opens the frontiers of the Peruvian market, allowing local individuals and companies to make and receive payments, as well as exchange value with anyone else across the world in all kinds of currencies in a timely manner and at the minimal cost”, said Anclap co-founder Ivan Mudryj.

Moreover, the digital sol is the newest Stellar-based stablecoin to join the Anclap stablecoin ecosystem. Already started development on the Argentine peso-pegged stablecoin in Jan. 2020. “Argentina and Peru are both utilising their own stablecoins to join the Stellar Network”, Anclap said in a blog post on Friday.

In October and November of 2021, the business plans to introduce additional stablecoins for the Colombian and Chilean pesos, respectively. According to Anclap’s website, more stablecoins are still in progress, such as the digital Mexican peso and the digital Brazilian real.

Anclap stablecoin ecosystem. Source: Anclap

Low fee and timely manner banking transactions

Since 2017, Anclap has been developing its Stellar-based digital payment network. With the goal of eliminating costly and time-consuming banking transactions.

“It is not only a new country with its stablecoin. But millions of citizens who are now in direct link to new financial opportunities to build a better future for themselves”. Anclap said on Twitter.

The launch of the digital sol comes at a time when the market for private stablecoins is expanding. With the total value of stablecoins climbing from $37B in Jan to almost $130B by end of Sep 2021. The steadycoin market’s meteoric ascent has caught the curiosity of global regulators. With a number of nations seeking to tighten stablecoin laws.

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