Lipio, a Latin American cryptocurrency exchange with over 25 million users, has launched a new stablecoin pegged to the Argentine peso.
The token, called wARS, is currently live on Ethereum, Coinbase’s Base, and WorldChain, local news station La Nacion reports.
Peso-backed tokens allow users to send and receive funds around the world at any time without using a bank or converting to US dollars. The launch of the scheme comes after Javier Millay’s government lowered the country’s inflation rate from 292% in April last year to 31.8% currently.
Lipio said it plans to issue similar stablecoins for other Latin American currencies. This could eventually enable cross-border payments in local currencies across the region, although this typically requires US dollars or expensive intermediaries.
Stablecoins are already popular in Argentina and Brazil, where inflation and strict currency regulations are causing people to seek a more stable store of value.
The launch of wARS follows Ripio’s previous release of a tokenized version of sovereign debt, further reinforcing a broader push to bring real-world assets such as fiat currencies and securities to blockchain rails.
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