Ripio launches the Argentine peso stablecoin wARS to promote cross-border payments

Latin American cryptocurrency exchange Ripio has announced the issuance of a stablecoin, wARS, 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 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 to further promote cross-border payments with local currencies in the region. Stablecoins have become important value storage tools in high-inflation countries like Argentina and Brazil. The release of wARS continues Ripio's previous initiative to tokenize sovereign bonds, aiming to integrate fiat currencies and real assets like securities through blockchain, promoting broader blockchain applications.