El Salvador Launches State-Backed Stablecoin App with Coinbase Support

The government of El Salvador has launched Sivar, an app for sending digital dollars to verified recipients in the country. The state-supported platform uses stablecoins and settles transactions on Coinbase's Base network.

El Salvador residents can send funds from abroad, with a fixed fee of $2 per transfer regardless of the amount. Recipients can withdraw cash at over 1,000 locations across the country, with some withdrawal fees displayed in the app.

Sivar combines payments with identity verification and community features, allowing users to join groups linked to their address and participate in local discussions and polls. The platform operates separately from Chivo, El Salvador's earlier public Bitcoin wallet.