Stellar Lumen: First stablecoins in Brazil and Argentina launched

  • Two new stablecoins have been introduced by Settle Network on the Stellar blockchain.
  • The partnership between Stellar and Settle Network strives to make cross border payments easier and faster in Argentina and Brazil.

Settle Network has launched two new stablecoins in Argentina (ARST) and in Brazil (BRLT). Both stablecoins are based on the Stellar blockchain and are the first ones in each country. According to the report from Crowdfund Insider, ARST is backed 100% by the Argentine Peso and BRLT is backed by 100% of Brazilian Reais. Both are said to involve bank grade KYC verification, AML controls and blockchain monitoring.

The cooperation partner of Stellar, the Settle Network is the largest digital assets settlement network across Latin America for exchange and cross-border payments. Within the partnership Stellar is providing an infrastructure capable of connecting financial institutions via cryptocurrency payments. The announcement for the stablecoins was made on November 19 during Stellar’s Meridian conference.

As was also announced, both stablecoins can be traded against Bitcoin and Ethereum. Furthermore, they can also be traded with other stablecoins. ARST operations are already available in Stellar’s wallet Vibrant and will soon be listed on multiple global exchanges, together with BRLT.

Settle Network’s CEO, Pablo Orlando expressed his delight at the fact that ARST and BRLT are coming to the limelight. He stated that the Latin American market had been in dire need of the use of blockchain and cryptocurrency. The emergence of these new stablecoins will allow users to instantly send Argentine Pesos and convert them to Brazilian Reais within seconds.

This will open up a channel that makes international remittances and cross border payments faster and easier for everyone:

Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption. This is a key moment for Latin American users. The new Settle Network and Stellar stablecoins, ARST and BRLT allow users to virtually send Argentine Pesos (ARS) and convert them to Brazilian Reais (BRL) in a matter of seconds, opening a new world of possibilities for international remittances and cross border payments.

Settle’s Head of Business Development and Partnership, Jack Sacaro, said that the collaboration opens up a new world, enabling a platform for a transparent framework that connects local currencies around the region.

We are very happy to work together with the Stellar ecosystem to achieve such an important goal for users in Argentina and Brazil. This is the beginning of a massive adoption process in the whole region, and we want every user to be a part of it. We are actively integrating our stablecoins to multiple platforms.

Argentina and Brazil are Latin America’s top markets. These two countries are the most involved in cross border payment and remittances. Brazil has the 9th biggest economy in the world, boasting of a high GDP, as of 2018, of $1.869 trillion. Argentina has the second-largest economy in Latin America, just behind Brazil with its GDP standing in 2018 at $518.4 billion.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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