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Colombian peso-backed stablecoin debuts on Polygon with yield benefits

colombian-peso-backed-stablecoin-debuts-on-polygon-with-yield-benefits
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Colombian peso-backed stablecoin debuts on Polygon with yield benefits

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America.

Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP. This new digital asset, pegged to the Colombian peso, is now live on Polygon.  The company claims nCOP will offer users an 8% yield.

Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs.

As an overcollateralized stablecoin, nCOP promises stability and heightened security to users, facilitating borderless transactions. The firm claims the new stablecoin will help more people access financial services in the area by offering them an easy way to send and receive remittances. 

Additionally, the company has integrated a yield feature into the new nCOP stablecoin, enabling users to earn rewards when they hold the asset.

“Colombia presents a unique opportunity to tokenize remittances, offering yield in nCOP through regulated financial products. Our aim is to provide a fresh avenue for sending and receiving nCOP as remittances with the added benefit of earning yields.”

Agustín Liserra, CEO of Num Finance

Launched in 2021, Num Finance has launched several other stablecoin products, including nARS and nPEN, tied to the Argentine Peso and Peruvian Sol. 

Stablecoin products on the rise 

The collapse of Terra last year has cast a shadow of increased regulatory scrutiny over the stablecoin landscape.

Authorities have since tightened the noose on stablecoin projects, closely examining these digital assets and their potential risks to financial stability. This incident has triggered a renewed emphasis on regulatory measures to ensure the security and reliability of stablecoins. 

Binance CEO CZ has stated that robust regulatory frameworks could bolster the adoption of stablecoins by enhancing investor confidence and fostering a more stable market environment. 

Despite the regulatory challenges, the demand for stablecoins remains high, as evidenced by the continuous influx of new stablecoin products into the market. 

Notably, traditional financial industry giants like PayPal are embracing the trend, as seen with the introduction of PYUSD, signaling their recognition of stablecoins’ transformative potential. 

The importance of crypto and stablecoin regulation can’t be over-emphasized. Julian Sawyer, Gemini’s Managing Director for Europe, recently emphasized the need for standardized regulations across jurisdictions to maintain fairness and oversight. 

In other Latam news, the fintech company Ramp announced its expansion into Brazil last July, furthering crypto adoption across Latin America. By establishing a local entity, Ramp aims to provide a secure trading platform for cryptocurrencies, supporting various payment methods and contributing to the accessibility of the Web3 space.