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

Ripio, a Latin American crypto exchange, has launched a stablecoin named wARS that is pegged to the Argentine peso. This token, which operates on Ethereum, Coinbase's Base, and World Chain, allows users to send and receive funds globally without the need for banks or conversion to U.S. dollars. This move occurs in the context of Argentina's significant inflation reduction under Javier Milei’s government, which has dropped from 292% to 31.8%. The introduction of wARS is part of a broader initiative by Ripio to tokenize real-world assets. The exchange, which has over 25 million users, plans to develop similar stablecoins for other Latin American currencies to enable cross-border payments in local currencies, reducing dependence on U.S. dollars. The popularity of stablecoins in Argentina and Brazil is driven by inflation and currency controls that push citizens towards more stable value stores. This launch follows the release of a tokenized sovereign bond by Ripio, reflecting ongoing efforts to integrate fiat currencies onto blockchain technology.

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