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Stellar Network Launches Chilean Peso Stablecoin

Stellar Network Launches Chilean Peso Stablecoin
  • Chilean Peso-pegged stablecoin CLPX launched on Stellar.
  • CLPX Inc has launched the first-ever Chilean Peso-pegged stablecoin.
  • The stablecoin is dubbed the “CLPX” token.

Recently, Chilean Peso-pegged stablecoin CLPX launched on Stellar, hoping to gain traction in the remittance and copper markets.

Stablecoins pegged to the Chilean Peso are now available on the open-source Stellar payments network. However, users have yet to show interest in them. With that said, the Chilean company CLPX Inc has launched the first-ever Chilean Peso-pegged stablecoin dubbed the “CLPX” token.

Since the launch on Monday, Stellar Expert shows that it has seen a limited amount of volume. Based on their public ledger, it has a $12,689 volume from a total of 12,902 trades.

Of note, CLPX was designed to provide a cheaper alternative to traditional Peso-based remittances, with the firm utilizing the Stellar Network as it incurs “substantially” lower fees than wire transfers or remittance services.

“The new CLPX token is set to streamline remittances and make it easy for investors worldwide to use the copper-linked Chilean peso as a hedge,” an announcement read.

Besides offering international exposure to Chile’s booming copper market, CLPX has also been working to offer exposure to the global pandemic-hit copper market. Latin America’s giant copper producer is currently the world’s largest by far, with China being the primary buyer.

There has been much talk of the project’s ambitious goals, but it remains unclear whether the stage is right for it to succeed. Besides the low volume, ‘KB Trading’ owns CLPX Inc, which does not appear to have any listed partnerships on its website.

Following the implementation of El Salvador’s Bitcoin law, the regulatory landscape has been relatively quiet concerning Chile’s cryptocurrency adoption.

Moreover, Chile’s National Electricity Coordinator (CEN) has launched Renova to track and record renewable energy usage leading up to its copper production in late May.

Since 2018, the Central Bank of Chile has been researching blockchain and CBDC’s as part of its “Strategic Plan for 2018 to 2022.”

In 2019, Mario Marcel, the Governor of the Central Bank of Chile, said that the central bank was considering creating a Chilean CBDC for wholesale adoption and cross-border payments. However, a number of concerns were raised regarding infrastructure costs, cybersecurity, and anonymity at the time.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.