Chilean Peso-Pegged CLPX Stablecoin Launched on Stellar Network

The Chilean Peso-pegged CLPX stablecoin was launched this week. The new stablecoin is available on the open source Stellar payment network and hoping to gain support in the remittance and copper markets as Chile is currently the world's leading copper producer by a significant margin.

Chilean firm CLPX Inc has launched the first ever Chilean peso-pegged stablecoin dubbed the CLPX Token. CLPX Inc is owned by a relatively unknown firm called KB Trading, which has no registered partnerships on its website.

The stablecoin CLPX was designed to provide a cheaper alternative to traditional peso-based money transfers, with the firm using the Stellar network as it requires “substantially” lower fees than bank transfers or money transfer services.

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