Argentina's Banking Groups Develop Peso Stablecoins for Institutional Market

Argentina's banking groups are quietly working on peso stablecoins for the institutional market. Two holding groups, BIND Group and Petersen Group, are developing peso-pegged stablecoins to offer programmable money services to institutions.

The projects aim to streamline treasury management operations, payments conditioned to on-chain events, and collateralized credit management.

BIND Group's subsidiary, BEN, will develop a peso stablecoin through its in-house virtual asset service provider (VASP). The group has partnered with Circle to provide institutional access to BEN customers, supporting payments and treasury use cases in compliance with local regulations.

Petersen Group, on the other hand, is developing its initiative through a subsidiary with the support of Lirium, which provides crypto-as-a-service solutions for Banco Galicia and Brubank. The offering, named DIPE, has already matured and has its own whitepaper.