Bitwage announced the implementation of USD Coin (USDC) on the Stellar blockchain on its platform. According to the company, the implementation should primarily benefit Latin American markets seeking stablecoins. as an alternative to the depreciation of their local currencies.
In Latin American markets like Argentina, Brazil, and Mexico, stablecoins like USD Coin (USDC) account for a significant majority in adoption. Working with a variety of non-foreign clients or companies and receiving your salary through Bitwage, or USD Coin (USDC), will be possible as it will now also be available on the Stellar network, and is among the 3 most popular coins in the platform.
The company also highlighted that in Brazil there is a partnership with the Mercado Bitcoin exchange to allow Brazilians to receive their income in Bitcoin. Additionally, with this implementation, Argentine companies and Bitwage users who are approved and have a valid CBU can choose to receive part of their payments in local currency (ARS) using Stellar’s non-custodial Vibrant card.
Another factor that motivated the rapid adoption of stablecoins, such as USDC, in Argentina is the different denominations that exist for the different dollar exchange rates. when it comes to export services, where coins like USD Coin (USDC) have sparked interest. growing among users, especially in the last two years after the pandemic.
“The Stellar network has a great history of being a thousand-battle blockchain known for several years by our users. Since they had already been asking us to implement new alternatives to operate with better shipping rates, today we are very excited to satisfy this demand, which in itself was more than anything designed by and for our users.”, added Jonathan Chester, CEO of Bitwage.
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