Num Finance has released a stablecoin pegged to the Colombian peso – nCOP
Date: 2023-08-26 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Argentina-based Num Finance has announced that it has issued a stablecoin pegged to the Colombian peso. The token is called nCOP and is based on the Polygon blockchain.
“As an over-collateralized stablecoin, nCOP offers stability and increased security to its users. It enables cross-border transactions, promoting inclusiveness in the region, as well as providing an easy way to send and receive remittances,” the press release reads.
The key feature of the stablecoin is the Num yield reward program with a yield of up to 8%. However, for what exactly users will receive payments in nCOP, it is not specified.
Num Finance is positioning the new asset as a way to tokenize remittances. This is how the CEO of the company, Agustin Lizerra, commented:
“There is a unique opportunity in Colombia to tokenize this sector [remittances]. We offer income in nCOP based on regulated financial products. Colombia is currently one of the main recipients of remittances in Latin America.”
This is the third Num Finance stablecoin. The previous two were backed by the Argentine peso and the Peruvian salt.
PayPal also released its stablecoin. However, the project has faced criticism from Bank of America.
