Two Argentine financial groups backed by banks are developing peso stablecoin projects through separate crypto subsidiaries, with a clear focus on institutional use rather than retail customers. The offerings are aimed at programmable payments, collateral management and on-chain settlement services.
BIND Group is building its stablecoin through BEN, its virtual asset service provider. BEN has previously worked with Circle to offer USDC services to institutional clients. Petersen Group, meanwhile, is advancing the DIPE project with technical support from Lirium and has already released a white paper.
According to crypto.news, the structure of these projects reflects Argentina’s regulatory limits on banking-sector crypto activity. The country’s central bank has barred banks from directly offering crypto services since May 2022, leading the initiatives to operate through licensed virtual asset subsidiaries instead of the banks themselves.
Two Argentine financial groups backed by banks are developing peso stablecoins through separate crypto subsidiaries, targeting institutional clients instead of retail users.
BIND Group is building its stablecoin through BEN, its virtual asset service provider. The project is designed for programmable payments, collateral management and on-chain settlement. BEN has previously partnered with Circle to provide USDC services to institutional customers.
Petersen Group is also pushing ahead with its own effort. It is developing the DIPE project with technical support from Lirium and has released a white paper.
According to crypto.news, both initiatives are being run through licensed virtual asset subsidiaries because Argentina’s central bank has prohibited banks from directly offering crypto services since May 2022.
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