According to the Stellar network, the stablecoin, known as the “digital sol,” is fully backed by state fiat money and may be used on any platform. Digital sol can already be purchased through a number of digital wallets, and it can be exchanged for other currencies including the Argentine peso, Brazilian real, US dollar, and euro, as per the news release.
Anclap co-founder Ivan Mudryj stated, “The digital sol unlocks boundaries of the Peruvian market, enabling local individuals and businesses to make and receive payments, exchange value with anybody in the globe in all kinds of currencies, in a couple of minutes and at a very cheap cost.” he added.
As of January 2020, the Argentine peso-pegged stablecoin will be the newest Stellar-based stablecoin to enter the Anclap stablecoin ecosystem. It was reported on Friday by Anclap that Argentina and Peru are now linked to the Stellar Network utilizing their corresponding stablecoins.
It is anticipated that in October and November of 2021, respectively, the firm would issue additional Colombian and Chilean peso stablecoins. As per Anclap’s website, rest of the stablecoins like the digital Mexican peso and the digital Brazilian real were still under creation. It’s been a year since Anclap started working on their Stellar-powered digital payment ecosystem, and its goal is to make banking transactions cheaper and faster.
On Twitter, Anclap remarked that with the introduction of digital sol’s stablecoin, “it is not only a new nation with its stablecoin but millions of people who are now connected to new financial possibilities to create a better future for themselves.”
As the private stablecoin market grows rapidly, so does the value of digital sol. The entire value of stablecoins is expected to soar to almost $130 billion by the end of September 2021 from $37 billion in January. Global authorities are paying more attention to the stablecoin market’s meteoric rise, and several countries intend to tighten regulations as a result.