BIND Group, a banking holding group with more than $2 billion in assets under management, is developing an Argentine peso-pegged stablecoin through its virtual asset service provider BEN, according to ChainCatcher. The product is aimed at institutional clients and is designed for programmable money use cases.
The group also said it is working with Circle to offer BEN customers institutional-grade payments and treasury management services that comply with local regulatory requirements. Separately, Petersen Group is advancing a second peso stablecoin initiative through a subsidiary. That product, called DIPE, already has a white paper and is supported by crypto-as-a-service company Lirium, which also provides related solutions for Banco Galicia and Brubank.
The report noted that these initiatives are being carried out by companies backed by banking groups rather than by the banking groups directly. The backdrop remains restrictive: Argentina’s central bank has barred private banks from offering crypto-related services to customers since May 2022, and in March the country’s securities regulator said the peso-linked stablecoin argt qualified as a security and had not been issued in compliance with applicable rules.
BIND Group, a banking holding group with more than $2 billion in assets under management, is developing an Argentine peso-pegged stablecoin through its virtual asset service provider BEN, according to ChainCatcher. The product is aimed at institutional users and is intended to support programmable money services.
BIND Group also said it is partnering with Circle to provide BEN clients with institutional-grade payments and treasury management services that meet local regulatory requirements.
Another peso stablecoin effort is also moving ahead. Petersen Group is developing a second project through a subsidiary. The product, called DIPE, already has a white paper and is backed by crypto-as-a-service company Lirium. Lirium also provides related solutions for Banco Galicia and Brubank.
The report said these projects are being pursued by companies backed by banking groups, rather than by the banking groups directly.
Argentina’s regulatory backdrop remains tight. The country’s central bank has prohibited private banks from offering crypto-related services to customers since May 2022. In March, Argentina’s securities regulator determined that the peso-linked stablecoin argt was a security and had not been issued in compliance with the rules.
These products are mainly built for institutional use cases, including treasury management, payments triggered by on-chain events, and collateralized credit management.
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