The nCOP is Num’s third reply to the extraordinarily excessive demand for stablecoins in Latin America and different areas.
Num Finance, the Argentine-based stablecoin issuer, has introduced the launch of its new stablecoin on the Polygon community. In line with the X (previously Twitter) announcement, the stablecoin – named nCOP – is pegged to the Colombian peso.
Num Finance to Use nCOP to Tokenize Remittances
Num Finance claims in a weblog put up, that one of many main use circumstances of any stablecoin is remittances. Subsequently, its new token, which is over-collateralized by reserve belongings, can be aimed toward remittances.
To place that into perspective, Num highlights how Colombia receives over $6.5 billion in remittances yearly. For this, the stablecoin issuer believes that the nation presents a novel alternative to ‘tokenize’ remittances and provide them a yield in nCOP. In keeping with this, Num Finance CEO Agustín Liserra mentioned:
“Num Finance goals to supply a brand new risk for individuals to ship and obtain nCOP as remittances and obtain a yield on it.”
Stablecoin Demand on the Rise
In the meantime, Num’s new providing is coming at a time when there’s an simple excessive demand for stablecoins. The subset of digital belongings, now valued at roughly $124 billion, has change into more and more well-liked in areas equivalent to Latin America or Turkey, whose monetary programs might not be so commonplace.
Nevertheless, Num has been constantly catering to that demand. As a reality, the nCOP will likely be Num’s third reply to the extraordinarily excessive demand for stablecoins in these areas.
Recall that it has beforehand issued the nARS – pegged to the Argentinian peso, and the nPEN which is pegged to the Peruvian sol.
In Might, Num raised $1.5 million in pre-seed funding that was led by Reserve protocol. On the time, the corporate confirmed having over $2.5 million value of nARS and nPEN in circulation. Nevertheless, it additionally revealed that it was contemplating launching stablecoins that will likely be pegged to the Brazilian actual, Colombian peso, and Mexican peso.
So, now that the nCOP has gone dwell, it is likely to be secure to say that Num Finance will likely be issuing two extra stablecoins shortly.
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