Ripio, a prominent crypto exchange in Latin America with a user base exceeding 25 million, has made a substantial move in the cryptocurrency market by launching a new stablecoin pegged to the Argentine peso. The new digital currency, known as wARS, is now operational on popular platforms such as Ethereum, Coinbase’s Base, and World Chain, as reported by local news outlet La Nacion.
Designed to facilitate seamless transactions, the peso-backed token enables users to send and receive funds globally at any time, bypassing traditional banking systems and the need to convert currencies into U.S. dollars. This launch arrives amid the transformative economic policies under Javier Milei’s administration, which has managed to decrease Argentina’s staggering inflation rate from 292% in April of the previous year to a more manageable 31.8% today.
Ripio has expressed intentions to introduce similar stablecoins tied to other Latin American currencies. This expansion could potentially revolutionize cross-border payments within the region, allowing transactions to be conducted in local currencies rather than relying heavily on U.S. dollars and expensive intermediaries.
The demand for stablecoins has surged in Argentina and Brazil as residents grapple with high inflation and stringent currency controls, prompting many to seek more reliable stores of value. The introduction of wARS builds on Ripio’s previous efforts, including the launch of a tokenized version of a sovereign bond. This initiative is part of a broader movement aimed at integrating real-world assets, such as fiat currencies and securities, into blockchain ecosystems, enhancing the accessibility and efficiency of financial transactions across Latin America.
