A New Era: nCOP Stablecoin Launches on Polygon Network
A groundbreaking development has taken place in the world of cryptocurrency as a stablecoin linked to the Colombian peso (COP) is now live on the Polygon network. Num Finance, the issuer of this stablecoin, unveiled the eagerly anticipated nCOP, heralding it as a pivotal step towards the establishment of the Num Network.
Rock-Solid Stability: nCOP’s Overcollateralization
In a recent announcement on X, Num Finance elucidated that the newly launched nCOP stands out as a traditional fiat-backed stablecoin that boasts remarkable “overcollateralization.” This innovative approach has been meticulously designed to ensure unwavering stability and security, setting the stage for a new era in the crypto landscape.
Empowering Latin American Residents
With the launch of nCOP, Num Finance envisions a transformative impact on the lives of Latin American residents who heavily depend on remittances. The release of this stablecoin marks a significant milestone in Num Finance’s journey towards creating novel opportunities for the populace.
Unveiling Yield: nCOP’s Unique Proposition
A striking feature that sets nCOP apart is its provision of yield to its holders. Num Finance revealed in a comprehensive blog post that nCOP rewards will be on offer, derived from meticulously regulated financial products. This forward-thinking approach ensures that nCOP holders can reap the benefits of their investment.
Agustín Liserra, the CEO of Num Finance, underlined the immense potential Colombia offers to stablecoin issuers due to its prominence as one of Latin America’s primary remittance destinations. Liserra highlighted, “Colombia presents an unparalleled opportunity to tokenize remittances, offering yields in nCOP through regulated financial instruments. The country receives nearly USD 6.5 billion in remittances, underscoring the potential of nCOP in enabling remittance transactions with added yield.”
Num Finance affirmed that nCOP can be redeemed on a 1:1 basis with the Colombian peso, emphasizing its strong connection to traditional financial systems.
Seamless Integration: nCOP on the Polygon Network
Already integrated on the Polygon network, nCOP has made its entrance into the crypto landscape. The current total supply of nCOP stands at an impressive 180 million tokens, as reported by Polygonscan. While nCOP is not yet featured on popular coin tracking platforms like CoinMarketCap or CoinGecko, its presence on the Polygon network is undeniably a significant stride towards mainstream recognition.
Num Finance’s Expansive Horizon
Founded in 2021, Num Finance is a trailblazer in the stablecoin domain. Alongside the pioneering nCOP, the company has introduced stablecoins pegged to the Argentine peso (nARS) and the Peruvian sol (nPEN). With the recent launch of nCOP and its integration into the Polygon network, Num Finance is cementing its position as a leader in shaping the future of stablecoins.