Anclap, the Latin American stablecoin issuer, has announced that it is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru.
It has been reported that Pegged to Peru’s official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions to other fiat currencies as well as “any other digital asset.”
However, called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform.
The report said that the digital sol is already available for purchase from several digital wallets as well as exchange against foreign currencies such as the Argentine peso, the Brazilian real, the United States dollar, and the euro.
Ivan Mudryj, the co-founder of Anclap, said:
“The digital sol opens borders of the Peruvian market, allowing local people and companies to send and receive payments, exchange value with anyone else in the world in all types of currencies, in a matter of minutes and at a very low cost.”
Likewise, the digital sol is the latest Stellar-based stablecoin joining the Anclap stablecoin ecosystem after the firm started working on the Argentine peso-pegged stablecoin in January 2020.
Anclap noted:
“Argentina and Peru are currently connected to the Stellar Network using their respective stablecoins.”
According to Anclap’s website, 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 still under development.
It has been analyzed that Anclap has been working on its Stellar-based digital payment network since 2017, with a mission to eliminate costly and slow banking transactions.
The firm stated:
“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.”
Thus, the digital sol launch comes amid massive growth in the market of private stablecoins, with the total stablecoin value surging from $37 billion in January to nearly $130 billion in late September 2021.
Source: Cointelegraph