Ripio, the Argentine cryptocurrency trading platform, has launched UXD, its new stablecoin tied to the US dollar. This new digital asset positions itself as an alternative solution to protect the savings of Latin Americans from inflation and economic crises.
Dubbed “CryptoDollar,” UXD is the first stablecoin in Latin America linked to the value of the US dollar. This project has been designed especially for Argentinians, a country with an annual inflation rate exceeding 115% in June.
Users of Ripio in Argentina can carry out operations with UXD without assuming any additional cost. Through its digital wallet application, customers can buy, sell, store, send, and receive UXD without charge, thus facilitating access to and managing this currency.
In addition, UXD has been issued on LaChain, a first-layer blockchain focused on Latin America. This project, which has recently been launched, has collaborated with various regional startups, including Ripio, SenseiNode, Num Finance, Cedalio, and Buenbit.
In the short term, the stablecoin UXD will also be available to users in Brazil, as stated in a CoinDesk report. This report quotes Ripio’s CEO, Sebastián Serrano, who said: “In response to the complex economic situation facing Latin America, particularly Argentina, we have created the CryptoDollar. This innovative solution will help people combat inflation and protect their assets.”
According to Coinfirm data, between July 2021 and June 2022, LATAM received USD $562 billion in cryptocurrencies, representing a 40% year-on-year growth. These figures position Latin America as the seventh-largest cryptocurrency market globally.
For its part, Pulso Capital points out that Argentina is the country where most people talk about cryptocurrencies and wallets (virtual wallets), 33% of its population shares topics regarding this type of currency on social networks, followed by Brazil with 26% and Mexico with 24%.
Founded in 2013, Ripio serves approximately USD $8 million users in Brazil, Uruguay, Colombia, Chile, Mexico, the United States, and Argentina, it’s country of origin. The platform recently obtained a license from the Bank of Spain to offer cryptocurrency products in this European country.