Settle Network Launches Stablecoins In Latin America On The Stellar Blockchain; XLM Price Increased By 70%

A few days ago, Settle Network, a company that accepts cryptocurrency payments around the world, announced the launch of two new Stellar-based stablecoins. The two stablecoins are pegged to the local currencies of Brazil and Argentina, respectively.

The partnership between Settle Network and Stellar aims to launch a stablecoin in Argentina, which will be backed by the Argentine peso and will be called ARST. The stablecoin, which will be launched in the Brazilian market, will be called BRLT and pegged to the value of the Brazilian real. Both stablecoins are pegged 1 to 1 to their respective fiat currencies and will require KYC (Know Your Customer) to receive them. Stablecoins can be used on various wallets such as Vibrant. According to Pablo ORLANDO, CEO of Settle Network, stablecoins open up new opportunities for international money transfers and cross-border payments.

Stellar (XLM) crossed the $0.18 mark for the first time since November 2018 and reached a new high at $0.188. At the time of writing, the XLM/USD price is $0.16, adding almost 70% in the last 24 hours and over 115% in a week.

Image: Stablex