Ripio, a popular cryptocurrency exchange in Latin America, is now launching a new dollar-pegged stablecoin called UXD that will run on top of the LaChain. The new stablecoin aims at servicing a growing demand for stablecoins in the region, especially Argentina, where inflation rates have surpassed 115%.
Ripio Launches New UXD Dollar Stablecoin
Ripio announced the official release of the UXD stablecoin running on top of the LaChain blockchain network. UXD will keep parity with the U.S. dollar at 1:1 and it will focus on users in Argentina and Brazil.
In this way, it will be possible for users in these countries to exchange their local currencies (ARS and BRL) for UXD in a fast and easy way. It is also worth taking into consideration that there will be no commissions if users purchase this digital currency using Ripio.
Sebastián Serrano, the CEO and co-founder of Ripio mentioned:
“In response to the complex economic situation facing Latin America, in particular Argentina, we have created Criptodólar: an innovative solution to help individuals combat inflation and protect their assets.”
Argentina has been one of the countries where stablecoins expanded the most in recent years. Locals tend to exchange their ARS for USDT or USDC in some of the most popular trading platforms. Additionally, the P2P community has also been growing in recent years.
There is a clear need for stablecoins and stability among Argentinians, which has pushed Ripio to create this stablecoin linked to the U.S. dollar. It is just a matter of time to see whether there will be a clear interest in this virtual currency or if users will prefer to convert their ARS against Bitcoin (BTC).