Argentina, United States
Use casesStellar for Payments
Vibrant is a wallet app developed on the Stellar network by a team at Sunship, Inc., a subsidiary of the Stellar Development Foundation. By employing Stellar, Vibrant makes it possible for Argentines experiencing inflation to purchase and hold USDC quickly, cheaply, and easily.
Argentina is one of the Latin American countries hit hardest by ever-increasing inflation. With an average annual inflation rate of 24% over the past 20 years in Argentina, the depreciation of the peso ranks as the most relevant issue for Argentines.
To protect themselves from devaluation, Argentines typically preserve their wealth by exchanging the Argentine peso for the US dollar. This process usually involves opening foreign bank accounts and holding onto the physical bills at home. This leaves them with no safe way to store or use their money.
Stablecoins have been growing in popularity in Argentina, but accessing stablecoins through exchanges often leaves customers with a confusing and cumbersome user experience.
Vibrant saw an opportunity to give Argentines an alternative means of protecting themselves from devaluation. As a wallet app built on the Stellar network, Vibrant is designed to expand access to dollar-based stablecoins such as USDC, a fully-reserved digital dollar stablecoin backed by cash, repo, and short-dated US Treasuries.
The Stellar network supports people's access to assets and financial services they wouldn't otherwise have access to.
Kyle McCollom, Director of Product
Issuing assets is a core feature of the Stellar network: any asset can be tokenized (or minted) on the network and then tracked, held, and traded quickly and cheaply. Explore our developer documentation to discover how.
Issuing an asset on the Stellar network is easy and only takes a few operations. However, there are additional considerations you may need to think about depending on your use case, such as publishing asset information, compliance, and asset supply, which we’ll cover in this documentation.
Today, Argentines have an easy and accessible way to protect themselves from devaluation of the peso. With just a mobile phone and a bank account, Argentines receive the anti-inflationary benefits of US dollars by holding USDC.
The Vibrant team focused on building a positive user experience for those looking for a safeguard of value, as well as developing features fintech companies would like to implement when building their own products on the Stellar network. On top of the wallet, the team plans on building more features that help Argentine users not just preserve their wealth, but grow it.
In addition to expanding product features, Vibrant plans to offer their services in different markets as well. Due to more on and off-ramps and anchors becoming available on the Stellar network, Vibrant can now integrate with more anchors and expand into countries such as Mexico.
Contact us today to learn how your business can use Stellar to enable frictionless cross-border payment services and how the Stellar Development Foundation can help.
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