The first stablecoins for Argentina and Brazil markets denominated ARST and BRLT are live and available on the Stellar Network.
Today, while live on stage at Meridian -Stellar’s 2nd annual conference- Settle Network announced the launch of an Argentina and Brazil fiat stablecoins on the Stellar network.
The partnership between Settle Network and Stellar will initially launch in Argentina and Brazil for the direct exchange of cryptocurrencies. ARST is the stablecoin for Argentine Peso and BRLT for Brazilian Reais. Both are fully-backed by domestic currencies and preserve close 1:1 rate between them and local currencies, involving bank grade KYC verification, AML controls and blockchain monitoring. Once ARST and/or BRLT are credited to users’ wallets, users can trade BTC to ARST, ETH to ARST, BTC to BRLT to ARST or any other stablecoin pair in the exchange. ARST operations are already available in Stellar’s Wallet Vibrant will soon be listed on multiple global exchanges, together with BRLT.
“Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption,” stated Pablo Orlando, CEO of Settle Network. And added: “This is a key moment for Latin American users. The new Settle Network and Stellar stablecoins, ARST and BRLT allow users to virtually send Argentine Pesos (ARS) and convert them to Brazilian Reais (BRL) in a matter of seconds, opening a new world of possibilities for international remittances and cross border payments”.
“Stellar partnered with us so that we can provide closer integrations in LATAM together. This partnership enables a huge, scalable and compliant framework for local currencies across the region. We are very happy to work together with the Stellar ecosystem to achieve such an important goal for users in Argentina and Brazil. This is the beginning of a massive adoption process in the whole region and we want every user to be a part of it. We are actively integrating our stablecoins to multiple platforms.”, added Jack Saracco, Head of Business Development and Partnerships at Settle Network.
Argentina and Brazil are the leading markets in Latin America and where remittance and cross-border payments are needed the most. Brazil is the largest country in Latin America with a population of more than 205 million. It maintains the ninth biggest economy in the world, with a GDP of $1.869 trillion in 2018. Argentina is the largest Spanish-speaking country in the world and the second largest economy in Latin America, with a population of over 44 million and GDP of $518.4 billion in 2018.