Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru, Cointelegraph en Español reports.

Pegged to Peru's official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap'southward network, including conversions to other fiat currencies as well as "whatsoever other digital asset," the house announced Saturday.

Chosen the "digital sol," the stablecoin is said to exist 100% backed by local fiat currency and is bachelor on the Stellar network to be integrated into whatsoever platform.

Co-ordinate to the announcement, the digital sol is already available for purchase from several digital wallets as well equally exchange against foreign currencies such as the Argentine peso, the Brazilian real, the United states of america dollar and the euro.

"The digital sol opens borders of the Peruvian market, assuasive local people and companies to send and receive payments, exchange value ​​with anyone else in the world in all types of currencies, in a matter of minutes and at a very low toll," Anclap co-founder Ivan Mudryj said.

The digital sol is the latest Stellar-based stablecoin joining the Anclap stablecoin ecosystem later on the firm started working on the Argentine peso-pegged stablecoin in Jan 2022. "Argentina and Republic of peru are currently continued to the Stellar Network using their corresponding stablecoins," Anclap noted in a blog post on Friday.

The company expects to launch more than stablecoins for the Colombian peso and the Chilean peso in Oct and November 2022, respectively. Other stablecoins such equally the digital Mexican peso and the digital Brazilian real are still under evolution, according to Anclap's website.

Anclap stablecoin ecosystem. Source: Anclap

Anclap has been working on its Stellar-based digital payment network since 2022, with a mission to eliminate costly and slow banking transactions.

Related: Cardano to enable new DeFi stablecoin with Coti

"It is not just a new country with their stablecoin but millions of citizens who are now bridged to new financial opportunities to build a amend future for themselves," Anclap noted on the digital sol launch on Twitter.

The digital sol launch comes amid massive growth in the market of private stablecoins, with the full stablecoin value surging from $37 billion in January to nearly $130 billion in tardily September 2022. The parabolic surge of the stablecoin market has fatigued increased attention from global regulators, with many jurisdictions around the earth planning to toughen stablecoin regulation.