Stablecoin

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Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. 
Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP. This new digital asset, pegged to the Colombian peso, is now live on <a href="https://crypto.news/tag/polygon/" rel="noopener noreferrer nofollow">Polygon</a>.&nbsp; The company claims nCOP will offer users an 8% yield. 
Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs. 
As an overcollateralized stablecoin, nCOP <a href="https://num.finance/blog/num-finance-launches-ncop/" target="_blank" rel="noopener noreferrer nofollow">promises</a> stability and heightened security to users, facilitating borderless transactions. The firm claims the new stablecoin will help more people access financial services in the area by offering them an easy way to send and receive remittances.&nbsp; 
Additionally, the company has integrated a yield feature into the new nCOP stablecoin, enabling users to earn rewards when they hold the asset. 
<blockquote class="wp-block-quote"> 
 “Colombia presents a unique opportunity to tokenize remittances, offering yield in nCOP through regulated financial products. Our aim is to provide a fresh avenue for sending and receiving nCOP as remittances with the added benefit of earning yields.” <cite>Agustín Liserra, CEO of Num Finance</cite> 
</blockquote> 
Launched in 2021, Num Finance has launched several other stablecoin products, including nARS and nPEN, tied to the Argentine Peso and Peruvian Sol.&nbsp; 
 You might also like: <a href="https://crypto.news/2021-crypto-venture-investments-tenfold-latin-america/" rel="noopener noreferrer nofollow"> 2021 Saw Crypto-Related Venture Investments Grow Tenfold in Latin America </a> 
<h2 class="wp-block-heading" id="stablecoin-products-on-the-rise">Stablecoin products on the rise&nbsp;</h2> 
The collapse of Terra <a href="https://crypto.news/main-crypto-crashes-in-2022-remembering-ftx-celsius-network-three-arrows-capital-terra-luna/" rel="noopener noreferrer nofollow">last year</a> has cast a shadow of increased regulatory scrutiny over the stablecoin landscape. 
Authorities have since <a href="https://crypto.news/singapore-introduces-regulations-for-single-currency-stablecoins/" rel="noopener noreferrer nofollow">tightened the noose</a> on stablecoin projects, closely examining these digital assets and their <a href="https://crypto.news/eu-raises-alarm-over-potential-bank-threats-posed-by-stablecoins/" rel="noopener noreferrer nofollow">potential risks</a> to financial stability. This incident has triggered a renewed emphasis on <a href="https://crypto.news/stablecoins-could-face-problems-with-new-us-defense-bill/" rel="noopener noreferrer nofollow">regulatory measures</a> to ensure the security and reliability of stablecoins.&nbsp; 
Binance CEO <a href="https://twitter.com/cz_binance/status/1620869500055982080?t=TcOc8IfyMpNI2nPN2KYm2A&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">CZ</a> has stated that robust regulatory frameworks could bolster the adoption of stablecoins by enhancing investor confidence and fostering a more stable market environment.&nbsp; 
Despite the regulatory challenges, the demand for stablecoins remains high, as evidenced by the continuous influx of <a href="https://crypto.news/blindex-two-new-stablecoins-bitcoin-rsk-network/" rel="noopener noreferrer nofollow">new stablecoin products</a> into the market.&nbsp; 
Notably, traditional financial industry giants like PayPal are embracing the trend, as seen with the introduction of <a href="https://crypto.news/paypal-ventures-into-stablecoins-with-launch-of-pyusd/" rel="noopener noreferrer nofollow">PYUSD</a>, signaling their recognition of stablecoins’ transformative potential.&nbsp; 
 You might also like: <a href="https://crypto.news/paypals-stablecoin-meets-resistance-from-democrat-waters/" rel="noopener noreferrer nofollow"> PayPal’s stablecoin meets resistance from Democrat Waters </a> 
The importance of crypto and stablecoin regulation can’t be over-emphasized. <a href="https://crypto.news/banks-and-digital-asset-firms-to-coexist-in-third-wave-of-crypto-adoption/" rel="noopener noreferrer nofollow">Julian Sawyer</a>, Gemini’s Managing Director for Europe, recently emphasized the need for standardized regulations across jurisdictions to maintain fairness and oversight.&nbsp; 
In other Latam news, the fintech company Ramp announced its expansion into Brazil last July, furthering crypto adoption across Latin America. By establishing a local entity, Ramp aims to provide a secure trading platform for cryptocurrencies, supporting various payment methods and contributing to the accessibility of the Web3 space. 
 Read more: <a href="https://crypto.news/us-official-calls-for-stablecoin-law-amid-paypals-pyusd-launch/" rel="noopener noreferrer nofollow"> US official calls for stablecoin law amid PayPal’s PYUSD launch </a>

Colombian peso-backed stablecoin debuts on Polygon with yield benefits

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