A Stablecoin Solution for Argentinians: Ripio Introduces UXD
Ripio, a Latin American crypto services provider, has launched a stablecoin called UXD, also known as Criptodólar, pegged to the U.S. dollar. With Argentina experiencing annual inflation rates of 115%, the stablecoin offers Argentinians a way to protect their assets. The UXD stablecoin is available for purchase on the LaChain blockchain, a Latin America-focused Layer 1 blockchain launched by Ripio in collaboration with other companies.
Main Key Points:
- Ripio introduces a stablecoin, UXD, pegged to the U.S. dollar to help Argentinians protect their assets from inflation.
- UXD, also known as Criptodólar, is available for purchase on the LaChain blockchain.
- The use of stablecoins in Latin America is growing and becoming more common.
- Ripio plans to incorporate UXD into its Ripio Card.
- Ripio operates in multiple countries, including Argentina, Brazil, Uruguay, Colombia, Chile, Mexico, the U.S., and Spain.
Ripio, founded in Argentina, has expanded its operations to various countries and has 8 million users. The company transacts $200 million a month and recently obtained approval to operate as a crypto exchange in Spain.
Hot Take:
The introduction of UXD, a stablecoin pegged to the U.S. dollar, by Ripio provides Argentinians with a viable solution to protect their assets amidst high inflation rates. As the use of stablecoins continues to grow in Latin America, Ripio’s initiative addresses the complex economic situation in the region, particularly in Argentina. With its wide-ranging operations and millions of users, Ripio is well-positioned to make a significant impact in the crypto market.
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