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Argentina-based Num Finance has announced it has gone live with a n stablecoin pegged to the Colombian peso, the company announced Aug. 24 in an X post. <\/p>\n
The stablecoin \u2014 called nCOP \u2014 is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market.\u00a0<\/p>\n
Colombia receives over $6.5 billion a year in remittances, Num stated<\/a> in a blog post. Remittances are one of the key use cases<\/a> for stablecoin.<\/p>\n The nCOP incorporates the \u201cNum yield feature,\u201d which allows user rewards to be paid in nCOP. Num Finance CEO Agust\u00edn Liserra said:<\/p>\n \u201cIn Colombia, there exists a unique opportunity to \u2018tokenize\u2019 remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America.\u201d<\/p><\/blockquote>\n This is the third stablecoin the company has produced \u2014 after the nARS pegged to the Argentinian peso and the nPEN pegged to the Peruvian sol.<\/p>\n Related: Colombia\u2019s central bank recommends limiting CBDC holdings and spending<\/a><\/em><\/strong><\/p>\n Num received<\/a> $1.5 million in pre-seed funding led by Reserve protocol in May. It said at the time that over $2.5 million worth of nARS and nPEN were in circulation, and was looking at launching stablecoins pegged to the Brazilian real, Colombian peso and Mexican peso.\u00a0<\/p>\n The Colombian central bank is considering issuing a central bank digital currency<\/a> (CBDC) \u2014 another potential vehicle for remittances \u2014 and has determined that it should place holding and transaction limits on a future CBDC to safeguard the local financial system.<\/p>\n Introducing nCOP, the new Num Stablecoin and the leading stablecoin for Colombia! pic.twitter.com\/u16SOFqTl8<\/a><\/p>\n \u2014 Num Finance (@Num_Finance) August 24, 2023<\/a><\/p><\/blockquote>\n Also on Aug. 24, it was disclosed that Mastercard will stop supporting Binance crypto debit cards in Latin American countries, including Colombia.<\/p>\n\n