- The stablecoin will be pegged to Peru’s official fiat currency (Peruvian sol (PEN), this new stablecoin is expected to facilitate instant transactions across the Anclap network, it’s also operationally compatible with other fiat currencies as well as any other digital asset.
- There has been a lot of skepticism on the sustainability of this stablecoin and the firm had announced that the Peruvian “digital sol” stablecoin will be backed by 100% local fiat currencies & it will be always available on the stellar network for any trader in need of it.
- With the firm announcement, digital sol has already been featured on different digital wallet & exchanges for purchase and it can be seamlessly exchanged with other currencies like Brazilian real, Argentine peso, euro & even the US dollar.
Stablecoins are another kind of the Bitcoin success story; it’s a niche asset class for everyone and anyone. Experts have opined that the quiet revolutions taking place in the crypto-space has in part been facilitated by stablecoins. Stablecoins are like a bridging point between erstwhile traditional banking and crypto space. Because of stablecoins institutional investors traders can judiciously manage entry and exit into the crypto ecosystem because it cuts cost & provides a good hedge against inflation ravages.
The Peruvian stablecoin is only an extension of a regular crypto stablecoins
What started with just USDT has boomeranged into different other stablecoins, at the moment stablecoin has a market share of over $130 billion & may likely hit $200 billion by year ending. The stablecoin catalogue is getting bigger because it’s needs are obvious & it’s efficiency is top-notch.
Anclap; a Latin America stablecoin issuer is currently expanding it’s stellar-based stablecoin network by launching a new stablecoin in Peru, this latest development is coming on the hills of heightened demand by the Peruvian populace for a Peruvian knitted stablecoin that will be pegged to the Peruvian official currency called Peruvian sol (PEN).
Ivan Mudryj; Anclap co-founder said that “the digital sol opens up the Peruvian market for easy transactions between local people, exchanges and with people in other climes. All this will happen in a matter of minutes at very minimal cost”.
The digital sol is the latest stellar based stablecoin after Anclap launched the Argentine stablecoin in January 2020, with these developments the Argentine peso & the Peruvian sol are now connected to the stellar network.
Chile and Colombia are among the first to take the lead.
The Latin America company is expected to launch stablecoins for Colombia & Chile between now & November 2021 respectively, the Anclap website also shows that Mexican stablecoin & Brazilian stablecoin are currently being developed.
Anclap seemed to be poised towards using it’s Stella based digital network system to curb the age-long menace of slow & costly banking transactions and they’ve been on this since 2017 without lifting their legs from the pedal.
Anclap ideals are futuristic in nature, because the digital sol comes with a massive growth to the stablecoins market of almost $130 billion, a bewildering market surge has drawn the attention of global regulators forcing them to create regulatory frameworks for stablecoins across the world.