Num Finance, a stablecoin issuer, has announced the launch of nCOP, a Colombian peso-pegged token on the Polygon network. According to a press release, the token is over-collateralized by reserve assets and provides users with the ability to transfer, pay, earn, and save money using blockchain technology.
The demand for stablecoins is growing in emerging regions with weak financial systems, such as Latin America and Turkey. People are using these cryptocurrencies to send remittances and store value, as reported by Chainalysis. Agustín Liserra, CEO of Num Finance, commented, “Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it.”
Num Finance already issues Argentine peso and Peruvian sol stablecoins, and has plans to roll out new offerings pegged to local currencies in Brazil, Mexico, and Bahrain.