Chilean company CLPX has launched the first ever Chilean stablecoin pegged to the peso and copper reserves, dubbed CLPX.
Chile is the leading exporter of copper in the world, the share of this metal in the country’s GDP is about 21% ($ 15.2 billion). As the country’s economy was bolstered by record high copper prices, CLPX selected it as the backing for the stablecoin.
“The new CLPX token aims to speed up remittances as well as make it easier for investors around the world to use the Chilean peso pegged to copper as a hedge,” CLPX said in a statement.
The company chose the Stellar network to conduct transactions with the CLPX token, as it charges “significantly lower fees” than traditional money transfer operators. Since its launch on Monday, the stablecoin has demonstrated a limited volume of $ 12,689 in 12,902 transactions, according to Stellar Expert.
Despite the fact that the project declares great ambitions, it is unclear how much the token will be in demand in foreign economic settlements. The question is how well the conditions are prepared for its entry into the Chilean market, since in addition to the small volume, CLPX Inc belongs to the little-known firm KB Trading.
While in neighboring El Salvador and other Latin American countries there is an increased interest in cryptoassets and the possibilities of their use in the economy, Chilean regulators adhere to a conservative policy.
The Central Bank of Chile has been researching the topic of blockchain and digital currencies of the Central Bank since 2018, but has not yet made significant conclusions. Going forward, the bank is considering the Chilean CBDC for mass adoption and cross-border payments, but notes concerns about the high costs of building infrastructure and maintaining cybersecurity measures.
