- Latin American crypto services provider Ripio launches stablecoin “UXD” pegged to the U.S. dollar.
- The stablecoin aims to offer Argentinians a way to protect their assets from the country’s high inflation rate (115% annually).
- The stablecoin is available for purchase in Argentina and Brazil and is hosted on LaChain, a Latin America-focused blockchain.
Ripio, a Latin American cryptocurrency firm, has officially launched a stablecoin pegged to the U.S. dollar. Furthermore, the crypto service provider’s new stablecoin is hosted on LaChain, a recently introduced blockchain in the region.
The development was announced as a service for Argentinians to protect their assets from the country’s inflation. Indeed, Ripio users in Argentina, where inflation is approaching 115%, can now purchase the UXD Stabelcoin. The product, known as the Criptodolar, was announced by the company on Thursday.
Latin America Gets a US Dollar-Pegged Stablecoin
The digital asset industry is expanding on a daily basis. The market is constantly growing as a result of the various projects being developed and new regions accepting those developments. Now, one region is set to launch a new stablecoin option to benefit users.
Ripio, a cryptocurrency company based in Latin America, has officially launched a stablecoin pegged to the U.S. dollar. The stablecoin is currently available in Argentina and Brazil, and it is hosted on the region’s LaChain blockchain network. Furthermore, the development should be beneficial given the country’s current financial situation.
In June, Ripio, SenseiNode, Num Finanice, Cedalio, Buenbi, and others collaborated to launch this layer-1 blockchain. Furthermore, in June, Ripio CEO Sebastion Serrano told Coindesk that stablecoin adoption was growing in Latin America. As a result, its introduction is expected to benefit Argentine users suffering from extremely high inflation rates.
Serrano stated, “In response to the complex economic situation facing Latin America, in particular, Argentina, we have created Criptodolar: an innovative solution to help individuals combat inflation and protect their assets.” The company has also shared plans to integrate UXD into its Riplo card offering.
