Colombian peso-backed stablecoin debuts on Polygon with yield benefits

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America.

Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP. This new digital asset, pegged to the Colombian peso, is now live on Polygon.  The company claims nCOP will offer users an 8% yield.

Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs.

As an overcollateralized stablecoin, nCOP promises stability and heightened security to users, facilitating borderless transactions. The firm claims the new stablecoin will help more people access financial services in the area by offering them an easy way to send and receive remittances. 

Additionally, the company has integrated a yield feature into the new nCOP stablecoin, enabling users to earn rewards when they hold the asset.

“Colombia presents a unique opportunity to tokenize remittances, offering yield in nCOP through regulated financial products. Our aim is to provide a fresh avenue for sending and receiving nCOP as remittances with the added benefit of earning yields.”

Agustín Liserra, CEO of Num Finance

Launched in 2021, Num Finance has launched several other stablecoin products, including nARS and nPEN, tied to the Argentine Peso and Peruvian Sol. 

You might also like: 2021 Saw Crypto-Related Venture Investments Grow Tenfold in Latin America

Stablecoin products on the rise 

The collapse of Terra last year has cast a shadow of increased regulatory scrutiny over the stablecoin landscape.

Authorities have since tightened the noose on stablecoin projects, closely examining these digital assets and their potential risks to financial stability. This incident has triggered a renewed emphasis on regulatory measures to ensure the security and reliability of stablecoins. 

Binance CEO CZ has stated that robust regulatory frameworks could bolster the adoption of stablecoins by enhancing investor confidence and fostering a more stable market environment. 

Despite the regulatory challenges, the demand for stablecoins remains high, as evidenced by the continuous influx of new stablecoin products into the market. 

Notably, traditional financial industry giants like PayPal are embracing the trend, as seen with the introduction of PYUSD, signaling their recognition of stablecoins’ transformative potential. 

You might also like: PayPal’s stablecoin meets resistance from Democrat Waters

The importance of crypto and stablecoin regulation can’t be over-emphasized. Julian Sawyer, Gemini’s Managing Director for Europe, recently emphasized the need for standardized regulations across jurisdictions to maintain fairness and oversight. 

In other Latam news, the fintech company Ramp announced its expansion into Brazil last July, furthering crypto adoption across Latin America. By establishing a local entity, Ramp aims to provide a secure trading platform for cryptocurrencies, supporting various payment methods and contributing to the accessibility of the Web3 space.

Read more: US official calls for stablecoin law amid PayPal’s PYUSD launch
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Here’s the Obvious Use Case for Crypto, According to Solana Creator Anatoly Yakovenko

Image
Anatoly Yakovenko, co-founder of smart contract platform Solana (SOL), is naming what he says is an “obvious” use case for crypto and blockchain. In a new interview with Austin Federa, head of strategy at the Solana Foundation, Yakovenko says simple payments are one obvious use case for digital assets that anyone can benefit from. 46:52 “I’m actually more focused on trying to do stuff that’s obvious today. I think that’s just really important, to try to get users to go do the things that already work at scale – and those are payments. Very simple kind of thing – let’s send money to each other in a cheap and fast way without [going] around the world.” According to Yakovenko, crypto assets could help simplify finance over the internet as well as let content creators work for themselves rather than be tied to the financial systems of their hosts. 48:57 “[Crypto payments are] just such a better experience for anyone that generates user content. So the problem is
Read more

Terra Luna Price Prediction as LUNA Falls 10% in 24 Hours - Here's Where LUNA is Headed Next

Image
Source: TradingView The Terra Luna price has dopped to $2.00 today, with the altcoin falling by as much as 10% in the past 24-hour period. Its current level represents an 11% fall in a week, although it remains up by 58% in the last 30 days, making it one of the best-performing coins in the top-100 cryptocurrencies by market cap. LUNA's fall today follows news that Binance has updated the 'risk warning' it gives to customers when they trade the altcoin, with the exchange now advising users that the "token has been the subject of negative news/coverage recently." Despite this being a relative improvement over its previous warning, the change has nonetheless underlined the possibility that LUNA will never be considered a 'normal' or 'safe' cryptocurrency, and therefore may not be able to return to its former heights. Terra Luna Price Prediction as LUNA Falls 10% in 24 Hours - Here's Where LUNA is Headed Next LUNA's chart a
Read more

Global Crypto Mining News ( 24 to Apr 30)

Image
1. BIT Mining Limited announced the launch of the latest generation of its popular Dogecoin / Litecoin mining machine, model LD4. The power efficiency metric of 0.71 W/MH is about one-half of the performance metric of the BitTorrent L7. Read more 2、 Luxor has developed a new method for estimating changes in the difficulty of the Bitcoin network, called the “rolling block method”, which claims to improve the accuracy of predicting future difficulty adjustments by taking into account the complex relationship between Bitcoin hashrate, mining luck value block time. Read more 3、 Jack Dorsey’s company, Block, has just completed the design of a 5nm Bitcoin ASIC chip and will proceed with wafer production. They are expected to receive the chips in autumn this year and continue working on 3nm chips. Block plans to open-source its Bitcoin mining technology. Read more 4、 The investment arm of the Bhutanese government started mining a few years ago as one of the early entrants, when bitcoin was ar
Read more