The nCOP is Num’s third reply to the extraordinarily excessive demand for stablecoins in Latin America and different areas.
Num Finance, the Argentine-based stablecoin issuer, has introduced the launch of its new stablecoin on the Polygon community. In line with the X (previously Twitter) announcement, the stablecoin – named nCOP – is pegged to the Colombian peso.
Num Finance to Use nCOP to Tokenize Remittances
Num Finance claims in a weblog submit, that one of many main use instances of any stablecoin is remittances. Due to this fact, its new token, which is over-collateralized by reserve property, can be geared toward remittances.
To place that into perspective, Num highlights how Colombia receives over $6.5 billion in remittances yearly. For this, the stablecoin issuer believes that the nation presents a singular alternative to ‘tokenize’ remittances and supply them a yield in nCOP. Consistent with this, Num Finance CEO Agustín Liserra mentioned:
“Num Finance goals to supply a brand new risk for folks to ship and obtain nCOP as remittances and obtain a yield on it.”
Stablecoin Demand on the Rise
In the meantime, Num’s new providing is coming at a time when there’s an plain excessive demand for stablecoins. The subset of digital property, now valued at roughly $124 billion, has turn out to be more and more in style in areas reminiscent of Latin America or Turkey, whose monetary techniques is probably not so normal.
Nonetheless, Num has been constantly catering to that demand. As a reality, the nCOP shall be Num’s third reply to the extraordinarily excessive demand for stablecoins in these areas.
Recall that it has beforehand issued the nARS – pegged to the Argentinian peso, and the nPEN which is pegged to the Peruvian sol.
In Could, Num raised $1.5 million in pre-seed funding that was led by Reserve protocol. On the time, the corporate confirmed having over $2.5 million value of nARS and nPEN in circulation. Nonetheless, it additionally revealed that it was contemplating launching stablecoins that shall be pegged to the Brazilian actual, Colombian peso, and Mexican peso.
So, now that the nCOP has gone dwell, it could be protected to say that Num Finance shall be issuing two extra stablecoins shortly.
Mayowa is a crypto fanatic/author whose conversational character is kind of evident in his type of writing. He strongly believes within the potential of digital property and takes each alternative to reiterate this.
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Away from crypto nonetheless, Mayowa’s fancied distractions embrace soccer or discussing world politics.
