Crypto
El Salvador Ditches Bitcoin for Stablecoins Amid Mainstream Shift
El Salvador's government is shifting its focus from Bitcoin to stablecoins as a means of transforming money movement. Five years ago, the country made Bitcoin legal tender, but it hasn't become a mainstream payment method. In fact, according to a survey by the University of Central America in 2024, around 92% of Salvadorans said they had not used Bitcoin.
The government is working with software startup Modveon to develop a platform called Sivar that will allow users to send and hold stablecoins, including for remittances. This move comes as the industry shifts towards stablecoins being absorbed into mainstream finance, rather than displacing traditional payment methods.