Stablecoin Pegged to Peru’s Currency Launches on Stellar

The first stablecoin pegged to Peru’s national currency, the sol, has launched on the Stellar blockchain.

Latin American digital token issuer Anclap launched the stablecoin, which is 100% backed by local currency, according to an announcement Saturday.
Digital sol can be purchased from wallets such as Solar and is exchangeable for the Argentine peso, the Brazilian real, the U.S. dollar and other currencies.
The launch follows that of the digital Argentine peso, issued in early 2020.
Anclap’s aim is to build a digital payment network on the Stellar blockchain connecting Latin American countries in the hopes of decreasing the costs and the time associated with sending money across borders and different currencies.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.