PANews reported on November 3 that Latin American cryptocurrency exchange Ripio announced the launch of wARS, a stablecoin pegged to the Argentine peso. wARS is based on Ethereum, Coinbase's Base, and the World Chain network, allowing users to transfer funds globally without going through banks or exchanging for US dollars.
This launch comes as the Argentine government reduces its 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 facilitating 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 launch of wARS continues Ripio's previous initiative to tokenize sovereign bonds, aiming to integrate real-world assets such as fiat currency and securities through blockchain and promote broader blockchain applications.
