Latin American stablecoin issuer Anclap announced that it will launch a new Peruvian stablecoin on the Stellar blockchain. The new stablecoin, dubbed the ‘digital sol,’ is tied to Peru’s official fiat currency, the Peruvian sol (PEN), and allows instant transactions across Anclap’s network. This also includes conversions to other fiat currencies as well as any other digital asset. In addition, the digital sol has the full backing of local fiat currency and is available on the Stellar network. From there, it can be integrated into any platform.
According to Anclap, the digital sol can be purchased from multiple digital wallets and exchanged against several foreign currencies. Some of these foreign currencies are the Brazilian real, the US dollar, the Argentine peso, and the euro.
The digital sol is Anclap’s latest venture in its growing ecosystem of Stellar-based stablecoins. In addition, the company is developing the Argentine peso-pegged stablecoin, a project it began in January last year. Furthermore, Anclap says it plans to launch a few more soon. Later this year, Anclap plans to roll out stablecoins tied to Colombian peso and Chilean peso in October and November, respectively. In addition, the company has other stablecoins, including the digital Mexican peso and the digital Brazilian real in development.
Anclap co-founder Ivan Mudryj commented on his firm’s progress in stablecoin-making and the recent development of the Peruvian digital sol. In his own words:
“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.”
Anclap first made its foray into Stellar-based digital payments systems in 2017. It intended for this to be used in place of costly and slow banking transactions. According to an Anclap Twitter statement on the digital sol:
“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.”
The digital sol comes amid an exponential growth in stablecoins in general. The private stablecoin market is experiencing great growth in value – almost four times up in nine months. Stablecoins were about $37 billion in January and are now almost $130 billion in September of this year. This great leap has inevitably attracted increased attention from global regulators and calls for tougher stablecoin regulation.
The US treasury is currently assessing the risks of stablecoins for users, markets or the financial system. In addition, the American national treasury also wants to know more about the benefits. This knowledge would help to structure the best possible regulation for it.
According to John Rizzo, Treasury spokesman:
“The Treasury Department is meeting with a broad range of stakeholders, including consumer advocates, members of Congress and market participants.”
Image Credits: Pixabay
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