Argentine Banks Build Peso Stablecoin Alternatives for Institutional Clients
Two major banking holding groups in Argentina are quietly developing peso-pegged stablecoins to offer programmable money services to institutional clients, despite a central bank ban on private banks offering crypto-related services. The initiatives are being led by subsidiaries of BIND Group and Petersen Group, which own regional banks.
The digital peso stablecoins aim to streamline treasury management operations, payments conditioned to an onchain event, and collateralized credit management for institutions.
BIND Group's subsidiary, BEN, is developing a peso stablecoin through a partnership with Circle, while Petersen Group's subsidiary has partnered with Lirium to support DIPE, a digital peso stablecoin that already has its own whitepaper.