Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by releasing a new stablecoin in Peru, Anclap expects to launch two more Stellar-based stablecoins for Chile and Colombia later this year.
The new stablecoin, which is pegged to Peru’s official fiat currency, the Peruvian sol (PEN), is designed to facilitate rapid transactions across Anclap’s network, including conversions to other fiat currencies and “any other digital asset,” according to the company.
The stablecoin dubbed the “digital sol,” is supposed to be 100 percent backed by local fiat currency and can be linked into any platform via the Stellar network.
The digital sol is already accessible for purchase from multiple digital wallets, as well as for exchange against international currencies such as the Argentine peso, Brazilian real, US dollar, and euro, according to the release.
“The digital sol unlocks the Peruvian market’s borders, allowing local people and businesses to send and receive payments, as well as exchange value with anyone else in the globe in all types of currencies, in a matter of minutes and at a very cheap cost,” said Anclap co-founder Ivan Mudryj.
After starting development on the Argentine peso-pegged stablecoin in January 2020, the digital sol is the latest Stellar-based stablecoin to join the Anclap stablecoin ecosystem.
In a blog post published on Friday, Anclap said that “Argentina and Peru are currently joined to the Stellar Network utilizing their respective stablecoins.”
More stablecoins for the Colombian peso and the Chilean peso are expected to be released in October and November 2021, respectively. According to Anclap’s website, other stablecoins such as the digital Mexican peso and the digital Brazilian real are still in the works.
Since 2017, Anclap has been developing its Stellar-based digital payment network with the goal of eliminating costly and time-consuming banking transactions.
On Twitter, Anclap highlighted, “It is not just a new country with their stablecoin, but millions of citizens who are now exposed to new financial prospects to build a better future for themselves.”
The launch of the digital sol comes at a time when the market for private stablecoins is booming, with total stablecoin value rising from $37 billion in January to approximately $130 billion in late September 2021.
The parabolic rise of the stablecoin market has piqued the interest of global authorities, with a number of countries proposing to tighten stablecoin regulations.