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

Ripio, a Latin American crypto exchange, has launched a new stablecoin, wARS, pegged to the Argentine peso. This development allows users to send and receive funds globally without the need for banks or converting to U.S. dollars. With over 25 million users, Ripio aims to facilitate cross-border payments in local currencies across Latin America, addressing the issues posed by high inflation and strict currency controls in countries like Argentina and Brazil. The launch is part of a broader initiative to integrate real-world assets onto blockchain platforms, following Ripio's prior issuance of a tokenized sovereign bond. Additionally, the stablecoin may promote currency stability and ease of transactions in light of Argentina's declining inflation rate. Ripio plans to introduce more local currency stablecoins in the region in the future, allowing for seamless currency transactions that traditionally require using U.S. dollars or expensive intermediaries.

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