Num Finance targets tokenized remittances with launch of Colombian Peso stablecoin

Num Finance said Thursday that it's looking toward what it thinks is a "unique opportunity" to tokenize remittances with the introduction of a new stablecoin on Polygon that's pegged to the Colombian Peso.

Called nCOP, the overcollateralized stablecoin will enable companies with real time settlements and make cash management more efficient without foreign exchange risk. The token can be exchanged for Colombian pesos at a 1:1 ratio. 

"Colombia is one of the main recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country," Num Finance CEO Agustín Liserra said in a statement. "Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and get a yield on it."

The stablecoin features what Num Finance says is a yield feature that will allow users to receive nCOP rewards "based on regulated financial products."

Argentine Peso, Peruvian Sol

Num Finance has previously introduced stablecoins pegged to the Argentine Peso and Peruvian Sol. 

"The launch of nCOP represents another stride in our commitment to bringing state-of-the-art financial technology to areas where conventional finance remains mired in outdated practices," Liserra continued.