The digital asset platform, Num Finance announced the launch of nCOP, a Colombian Peso backed stablecoin.
The overcollateralized stablecoin nCOP is backed by fiat-reserve and it can be exchanged with Colombian peso at 1:1 ratio. Num Finance has deployed it on its blockchain partner Polygon.
The announcement blogpost claims that nCOP offers robust stability and enhanced security to users. As it enables borderless transactions, the nCOP unlocks an easy way in sending and receiving remittances.
As a DeFi platform, Num Finance has introduced yield feature to nCOP which will allow users to receive rewards on stablecoin’s applications.
“This important development represents a major step forward in the growth of Num Network,” the digital asset company said, adding “This comprehensive ecosystem is designed to provide users in Latin America with innovative digital financial tools for everyday use.”
Num Finance has also launched stablecoins in Latin American countries Argentina (nARS) and Peru (nPEN) as well, with the nCOP becoming its third stablecoin launch.