Argentina-based Num Finance has launched a stablecoin pegged to the Columbian peso. Called nCOP, the Polygon-based stablecoin aims at Columbia’s remittance market, which is pegged at $6.5 billion a year, the company said in a blog post.
“As an overcollateralized stablecoin, nCOP offers robust stability and enhanced security to its users, enabling borderless transactions and fostering financial inclusion in the region by delivering an easy way to send and receive remittances,” the company said.
Additionally, nCOP will help companies perform real-time settlements. nCOP will also have a Num Yield feature, which promises nCOP rewards to users.
“In Colombia, there exists a unique opportunity to “tokenize” remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and get a yield on it,” Agustín Liserra, CEO of Num Finance, shared.
Meanwhile, the Columbian central bank is planning to launch a central bank digital currency (CBDC), which, too, has the potential to become a vehicle for the country’s lucrative remittance market.
In May, Num secured $1.5 million in pre-seed funding led by Reserve protocol. At that time, it said that it was planning to launch stablecoins pegged to Colombian peso, Brazilian real, and Mexican peso.
