On Thursday, Num Finance, a stablecoin issuer, announced in a press release that it had launched a token pegged to the Colombian peso on the Polygon network.
The token, called nCOP, is backed by more than enough reserve assets and enables people and businesses to use blockchain rails to move, spend, earn, and save money, the press release stated.
The new product comes at a time when stablecoins, which are digital assets worth about $124 billion, are becoming more popular in emerging areas with weak financial systems like Latin America or Turkey.
According to a report by crypto research firm Chainalysis, people also use these cryptocurrencies to remit and store money.
Agustín Liserra, Num Finance’s CEO, said in a statement: “Colombia is currently one of the main destinations of remittances in Latin America, with almost USD 10 billion entering the country. Num Finance’s goal is to offer a new option for people to send and receive nCOP as remittances and earn interest on it.”