Stablecoin issuer Num Finance has rolled out a Colombian peso-pegged token on the Polygon network, the company said in a press release on Thursday. Named nCOP, the token is overcollateralized by reserve assets and allows people and businesses to transfer, pay, earn and save money using blockchain rails, the press release said. The new offering arrives as stablecoins, a roughly $124 billion subset of digital assets, are increasingly in demand in emerging regions with frail financial systems such as Latin America and Turkey. People also use these cryptocurrencies to send remittances and store value, according to a report by crypto research firm Chainalysis. “Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country,” Agustín Liserra, CEO of Num Finance, said in a statement. “Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it.”

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Author: Lyllah Ledesma, Omkar Godbole

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