Argentine Banking Groups Develop Peso Stablecoins for Institutional Clients

Argentina's banking groups are quietly developing peso stablecoins for the institutional market. Two major holding groups, BIND Group and Petersen Group, are behind the initiatives.

BIND Group, with over $2 billion in assets under management, is developing a peso stablecoin through its virtual asset service provider (VASP), BEN. The conglomerate has also partnered with Circle to provide institutional access to BEN customers, supporting payments and treasury use cases compliant with local regulations.

Petersen Group is also developing a peso stablecoin through a subsidiary, with the support of Lirium, a company providing crypto-as-a-service solutions for regional banks. The offering, named DIPE, has already matured and has its own whitepaper.