Argentina Issue Their Own Stablecoin

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Settle Network and Stellar are issuing two stablecoins in Latin America. The ARST is tied to the Argentine peso, while the BRLT is tied to the Brazilian real.

Settle Network is the largest digital assets settlement network across Latin America for exchange and cross-border payments, while Stellar is a blockchain created by Ripple co-founder Jed McCaleb to provide an infrastructure capable of connecting financial institutions via cryptocurrency payments. 

The announcement for the stablecoins was made on November 19 during Stellar’s Meridian conference.

But why create stablecoins of currencies as damaged as the Argentine peso and Brazilian real, which respectively lost 30% and 20% of their value relative to the dollar in the past year?

For one thing, trading. Users could have an easier way to move their funds between exchanges by having their money running on a blockchain. This saves any complex procedures involved in making fiat-to-crypto transactions if users want to dabble in the markets.

But remittances seem to be the main focus of the Settle Network.