This is the official announcement. A race has broken out to issue stablecoins backed by the Argentine Peso (ARS).
The thing is More and more tokenized pesos are circulating on various cryptocurrency networkshowever, the majority of Argentines prefer to take refuge in the dollar.
These stablecoins are not intended to replace physical money, but as an additional tool against inflation, providing a means of online operations, international transfers, and cross-platform payments, in addition to allowing access to the returns of deposited funds.
As CriptoNoticias recently reported, Argentine cryptocurrency platform Ripio has launched wARS. Well, Belo did the same thing with ARGt.
As Belo CEO Manuel Beaudroit pointed out, the new product allows you to earn 28% per annum (APY) just by holding the stablecoin.
Currently, several tokenized pesos exist on cryptocurrency networks such as ARGt, wARS, ARS, and DIPe. While some of these tokens are available on centralized exchanges, others are starting to explore opportunities in the decentralized finance (DeFi) ecosystem, but not all have open (permissionless) pools on decentralized exchanges (DEXs).
This means that some of these tokenized pesos can be easily bought, sold, and exchanged on a centralized platform. but, Some do not yet have open liquidity in DeFi, so their use in DEXs is limited.
The launch of ARGt and wARS further accelerates a phenomenon that has been growing in the local ecosystem, despite going in the opposite direction to the dominant trend of dollarization in Argentina.
This dollar preference is responsive to historical factors. Decades of high inflation, repeated loss of purchasing power of the pesoexchange restrictions, and the perception that the U.S. currency is more stable.
(Tag Translation) Argentina
