Ripio launches Argentine Peso stablecoin wARS to promote cross-border payments

ChainCatcher reported that Latin American crypto asset exchange Ripio has announced the issuance of the stablecoin wARS, which is pegged to the Argentine peso. wARS is based on Ethereum, Base from an exchange, and the World Chain network, allowing users to transfer funds globally without the need to go through banks or exchange US dollars.

This launch comes as the Argentine government has reduced the inflation rate from 292% in April last year to the current 31.8%. Ripio plans to launch stablecoins pegged to other Latin American currencies in the future, further promoting cross-border payments in local currencies within the region. Stablecoins have become an important store of value in high-inflation countries such as Argentina and Brazil. The release of wARS continues Ripio's previous initiative of tokenizing sovereign bonds, aiming to drive broader blockchain adoption by integrating real-world assets such as fiat currencies and securities onto the blockchain.