Victor Ugochukwu · Dec 14, 2020 . 5min read
First Stellar Stablecoins introduced in Brazil and Argentina
Settle Network & Stellar launches two stablecoins for the Latin American market. Brazil and Argentina receive their first stellar stablecoins.
By Komal Joshi · Nov 21, 2020 . 5min read
Settle Network and Stellar have jointly developed two stablecoins for Argentina and Brazil. Settle Network has launched two new stablecoins in Argentina (ARST) and the other in Brazil (BRLT). Both began utilizing Stellar. These are the first stablecoins in both countries. The launch of the fiat pegged stablecoins plans to make payments between the two Latin countries more manageable. For the uninformed, Stellar is a decentralized network that concentrates on financial products and services. Whereas, Settle Network is the most comprehensive digital assets settlement network over Latin America for exchange and cross-border payments.
According to the blog post, the ARST is backed 100% by the Argentine Peso, and BRLT backed by 100% of Brazilian Reais. Both include bank-grade KYC verification, AML controls, and blockchain monitoring. Once ARST and BRLT are credited to users’ wallets, holders may trade BTC to BRLT to ARST, BTC to ARST, ETH to ARST, or any other stablecoin pair in the exchange. ARST services which are already accessible in Stellar’s Wallet Vibrant will soon be accessible on various global exchanges concurrently with BRLT.
Settle claims Argentina and Brazil are leading markets.
According to Settle, Argentina and Brazil are the preeminent markets in Latin America. Argentina is the most populous Spanish-speaking country in the world. Moreover, it is the second-largest economy in Latin America. Brazil is the biggest country in Latin America. It has a population of around 205 million. Furthermore, it has the ninth-largest economy in the world. Both nations require payment and cross-border services significantly.
Earlier, US dollar-pegged stablecoin, USDC controlled by Circle and Coinbase, is launching on the Stellar blockchain. The Circle will append USDC support to Stellar’s vast collection of products by the Q1 of next year. It includes payment tools, infrastructure APIs, and business accounts products. Additionally, this indicates that these businesses can soon commence utilizing the Stellar version of USDC.
Follow Cryptodose for more updates.