Latin America-based stablecoin provider, Anclap, has launched another stablecoin in Peru to increase its list of stablecoins on its network.
The Digital Sol
Per the announcement from Anclap, the new stablecoin is pegged on a 1:1 ratio to the Peruvian dollar. Users can complete their transactions across the network instantly, even if it involves cash-crypto conversions. The fiat Sol fully supports the digital Sol (the name given to the Peruvian stablecoin) and can be enabled on any network.
Part of the announcement states that many digital exchanges are selling the digital Sol and can even help purchase the Sol from other currencies like the Euro, Brazil’s Real, USD and Argentina’s Peso. One of Anclap’s top executives claimed that “Peru’s stablecoin will enable local merchants and individuals to perform payment settlements with ease. Also, they can now conduct business transactions globally within minutes and without huge costs.”
Other Stablecoins On Anclap’s Stellar Network
Anclap had previously developed the digital peso (Argentina’s stablecoin) early last year. Anclap’s last Friday blog post remarked that the digital Sol and Peso could be exchanged on its network. The firm is scheduled to launch the fiat-pegged digital currencies for Chile and Columbia before the year ends. However, it remarked that it doesn’t have a launch map for Brazil and Mexico’s stablecoins.
Anclap started developing its stellar network four years ago to reduce bank charges and eliminate inefficient bank transactions. Following the launch of the digital Sol, the company’s official Twitter page remarked that “the digital Sol’s launch is not just an achievement for Peru but Peruvians who can now better recreate their future because they can penetrate new markets and expand their businesses.”
Like the entire crypto market, the popularity and growth of the stablecoin market have been in leaps and bounds since the beginning of the year. As of January 2021, the entire value of the stablecoin market was $38B, but as of last week, it is about $131B. This dramatic rise in the stablecoin industry has attracted the full attention of financial regulators in many nations, with many of them proposing tougher stablecoin policies.
Bitmain Stops Mining Rig Sales In China
In other news, inside sources reveal that leading mining rig manufacturers, Bitmain, would soon officially announce the suspension of mining rigs in China. This won’t come as a surprise after Chinese authorities announced that it has become illegal to trade cryptocurrency in the country.
The sources, which include two Bitmain mining rig buyers, revealed that Bitmain hadn’t made an official announcement because it has yet to find a new location for its production plant, especially in Shenzhen. Also, one of Bitmain’s retail sellers for its mining rigs, Alibaba, has revealed that it will no longer sell mining rigs to the Chinese by the first week of next month.
China’s declaration of crypto transactions continues to have various negative impacts on the crypto market. Within 24 hours of that announcement last week, the total market cap of the crypto market reduced by $100B.