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Latin American Crypto Company Ripio Launches U.S. Dollar-Pegged Stablecoin
Latin American crypto services provider Ripio has introduced a stablecoin pegged to the U.S. dollar, in part to offer Argentinians a way of protecting their assets from inflation.
Ripio users in Argentina, where annual inflation is running at 115%, are already able to purchase the UXD stablecoin, also called Criptodólar, the company said Thursday. The stablecoin, which is also available in Brazil, is hosted on LaChain, a Latin America-focused layer 1 blockchain launched in June by Ripio in collaboration with SenseiNode, Num Finance, Cedalio and Buenbit, among others.
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In June, Ripio CEO Sebastian Serrano told CoinDeskTV that despite the bearish crypto context, the use of stablecoins in Latin America is growing and becoming more common.
