Num Finance has unveiled its latest addition, the nCOP, a stablecoin tethered to the Colombian peso. Launched on the Polygon platform, this stablecoin is backed with over-collateralized reserve assets and offers users a seamless blockchain experience for transfers, payments, savings, and more.
The stablecoin industry, currently valued at an approximate $124 billion, has seen a spike in demand, especially in areas with vulnerable financial infrastructures like Latin America and Turkey. These digital currencies play pivotal roles in remittance transmissions and act as stores of value, a trend highlighted by a study from the crypto research powerhouse, Chainalysis.
In his remarks, Agustín Liserra, Num Finance’s CEO, underscored Colombia’s stature as a prime hub for remittances within the Latin American sector. The nation witnesses an inflow of close to USD 10 billion in remittances. With nCOP, Num Finance intends to revolutionize the remittance space, allowing individuals to transfer and receive these stablecoins and even earn yields on them.
Num Finance is no stranger to the stablecoin domain. The firm already offers stablecoins indexed to the Argentine peso and the Peruvian sol. Moreover, the company has expressed ambitions to expand its portfolio with stablecoins aligned with the native currencies of Brazil, Mexico, and Bahrain.