Latin American Crypto Exchange Ripio Launches Argentine Peso Stablecoin 'wARS'

Ripio, a Latin American cryptocurrency exchange, has launched a new stablecoin named wARS, which is pegged to the Argentine peso. The introduction of wARS aims to facilitate global fund transfers without the need for banks or conversion to U.S. dollars, thereby enabling smoother cross-border payments within Latin America. This launch follows Ripio's earlier release of a tokenized sovereign bond as part of its initiative to bring real-world assets onto blockchain technology. With over 25 million users, Ripio believes the peso-backed token will cater to the increasing demand for stablecoins in countries like Argentina and Brazil, where inflation and currency controls are prevalent. Given the Argentine peso's fluctuating value, having a stablecoin offers users a more reliable means of conducting transactions. Ripio has plans to introduce similar stablecoins for other Latin American currencies, potentially enhancing the region's capacity for local currency cross-border transactions, which typically require U.S. dollars or involve costly intermediaries.

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