Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at the recent announcement of the stablecoin nCOP, which is pegged to the Colombian peso.
Num Finance
The Stablecoin issuer Num Finance has gone live on the Polygon network with a stablecoin pegged to the Colombian peso (COP), as announced on Thursday the 24th of August 2023 via their blog and in a Tweet. The token is called nCOP and is a traditional fiat-backed stablecoin and is over-collateralized by reserve assets. This will allow people and businesses to transfer, pay, earn, and save money using blockchain rails.
The launch was considered a remarkable milestone on the path to constructing the Num Network and it will offer new opportunities for Latin American residents who rely on remittances. As things stand, the stablecoin market is worth roughly $124 billion of digital assets and is becoming more in demand, especially in emerging regions with frail financial systems. This would especially include Latin America, where places like Argentina have been rife with inflation.
According to Agustín Liserra, CEO of Num Finance:
"Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it."
Num Finance are already known to issue Argentine peso and Peruvian sol stablecoins, and have also been involved in calling for plans to bring new offerings of pegged coins to the local currencies in Brazil, Mexico and Bahrain.
Stablecoin Yields
The blog post published by Num Finance noted that one of the most unique things about the nCOP token will be its offering of yield to holders. The yield will be in the form of “nCOP rewards,” which are based on regulated financial products. Agustín Liserra pointed to the fact that Columbia represents a huge opportunity considering it is one of the largest remittance destinations in Latin America. He added that the stablecoin in this way opens up the opportunity for Colombians to “send and receive nCOP as remittances and get a yield on it.” Colombia alone witnesses an inflow of over $6.5 billion annually in remittances, giving such opportunity to the new stablecoin.
The stablecoin will be redeemable 1:1 with the Colombian peso, and is already live on the Polygon network. There is a total supply of 180 million tokens according to Polygonscan.
Have a great day.
Peace. CryptoGod-1.
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