Stablecoin Pegged to Peru’s Currency Launches on Stellar

The first stablecoin pegged to Peru’s national currency, the sol, has launched on the Stellar blockchain.

• Latin American digital token issuer Anclap launched the stablecoin, which is 100% backed by local currency, according to an announcement Saturday.
• Digital sol can be purchased from wallets such as Solar and is exchangeable for the Argentine peso, the Brazilian real, the U.S. dollar and other currencies.
• The launch follows that of the digital Argentine peso, issued in early 2020.
• Anclap’s aim is to build a digital payment network on the Stellar blockchain connecting Latin American countries in the hopes of decreasing the costs and the time associated with sending money across borders and different currencies.

Read more: Stablecoins Like USDC See Growing Demand in Latin America: Bitso CEO