What is it and what are the benefits of UXD, the first Latin stablecoin for Latinos

Ripio announced the launch of the first product built on the LaChain blockchain. This is a stablecoin pegged to the dollar, which is aimed at solving financial problems in the region.

04 August 2023 15.29

During the modular event, crypto company Ripio announced the launch of LaChain, the first blockchain created by Latinos for Latinos. During his announcement, Sebastine Serrano, co-founder and CEO of the company, announced that the first use cases developed on this infrastructure would soon be released to the market. Finally the first one arrived: dollar-pegged stablecoin called UXD.

Sebastine Serrano, CEO and co-founder of Ripio, announced UXD

In response to the difficult economic situation in Latin America, especially in Argentina, we created Cryptodollar (UXD), an innovative solution to help people fight inflation and protect their assets, notes Serrano. And he adds: Cryptodlar uses the full potential of blockchain technology, providing our users with commission-free transactions and ensuring fast and reliable transfers. In addition, we are building an end-to-end ecosystem around UXD that will allow it to be seamlessly combined with other Ripio products, such as the Ripio Card, which will give users access to various profit opportunities.

The company emphasizes that UXD maintains 1:1 parity with the dollar, like other stablecoins like USDC or USDT and for this reason it is an attractive option in countries like Argentina. According to official data from INDEC, the inflation accumulated over the past 12 months is 115.6%. In addition, the price of the blue dollar, the dollar with the highest access for the country’s citizens today, has risen by more than 200 pesos this year. Thus, a digital asset that remains pegged to the dollar is a quick and easy way to hedge against the devaluation of the local currency.

This new cryptocurrency alternative has great advantages over other similar offerings. For example, its fast liquidity allows users to quickly and easily convert their pesos or any other cryptocurrency into UXD, comments Ripio. And they continue: In turn, its price is the best compared to other stablecoins available in the Ripio wallet, and best of all, can be purchased without paying commission through this platform.

How to buy stablecoin UXD

Users can earn cryptocurrencies by purchasing UXD from two services that Ripio offers. The first one is your walletweb platform and application designed for those users who want to buy, sell and manage digital assets in a simple and secure way. And the second with Ripio Tradedesigned for advanced users in crypto-active trading.

On the other hand, UXD is the first use case of the recently launched LaChain network, a fast and low-cost first-level (LI) blockchain focused on the specific needs of Latin American individuals and organizations. As stated by Ripio, there are other projects in development, which will be announced in the near future. Although there are not many details about them, It is expected to range from video games installed on blockchain infrastructure to transfer systems via stablecoins pegged to the value of the local currencies of each country in the region..

Innovative projects and use cases that respond to contextual challenges, such as UXD and LaChain, bring Ripio closer to our goal of building the necessary infrastructure to further develop the blockchain ecosystem and adopt cryptocurrency in Latama,” Serrano reflects. And concludes: We have always known that the region has great potential in the industry. and, in addition to technology as a tool, we have great talents and projects that can change the future of society.”

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About Ankur Jain

I'm Ankur Jain, and I'm thrilled to be part of the suboonews.xyz team as an editor. I call India my home, and I have a passion for crafting engaging and well-written articles. With a solid background of 7 years in this field, I bring a wealth of experience to my work. It's my pleasure to contribute to the informative and captivating content you'll find on suboonews.xyz. Stay tuned for some exciting stories and news pieces coming your way!

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