Agora

Stablecoin

Token

Wormhole

Read

Transfero, a stablecoin issuer focused on Latin American currencies, has tapped Wormhole as its interoperability provider.
The Brazil-based fintech company <a href="https://www.prnewswire.com/news-releases/leading-emerging-markets-stablecoin-issuer-transfero-chooses-wormhole-as-exclusive-interoperability-provider-302304216.html" target="_blank" rel="noopener noreferrer nofollow">announced</a> the development on Nov. 13, noting that integrating Wormhole (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/wormhole/">W</a>) will help power its stablecoins amid a multi-chain approach. Transfero’s suite of non-U.S. dollar stablecoins includes BRZ, ARZ, and CLZ — pegged to the Brazilian real, Argentine peso, and Chilean peso, respectively.
BRZ, which has recorded more than $200 million in monthly trading volume and over 1 million transactions since 2022, is the largest of the stablecoins pegged to emerging markets’ currencies. Transfero announced the launch of CLZ on November 13, 2024, according to the press release.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/flow-traders-joins-wormholes-solver-network/"> Flow Traders joins Wormhole’s solver network </a>
With Wormhole as its blockchain interoperability provider, Transfero will leverage the Native Token Transfer framework, or NTT, for multi-chain support. The integration also means the stablecoin issuer will benefit from cross-chain liquidity, removing the fragmentation and need for wrapped tokens.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Wormhole provides us with the flexibility and security we need to support our rapidly expanding portfolio of stablecoins,” said Marlyson Silva, chief executive officer, Transfero.
</blockquote>
Several platforms and protocols have integrated Wormhole’s NTT framework for cross-chain interoperability. In September, the BlackRock-backed tokenization platform Securitize <a rel="noopener noreferrer nofollow" href="https://crypto.news/blackrock-backed-securitize-integrates-wormhole-for-cross-chain-tokenization/">partnered</a> with the Wormhole Foundation to expand cross-chain access to its tokenized assets.
Decentralized finance protocol Sky, formerly MakerDAO, also <a rel="noopener noreferrer nofollow" href="https://crypto.news/sky-expands-native-tokens-to-solana-with-wormhole-ntt/">tapped Wormhole’s NTT technology</a> for native access of its tokens on Solana.&nbsp; Meanwhile, Stablecoin issuer Agora <a rel="noopener noreferrer nofollow" href="https://crypto.news/dragonfly-backed-agora-to-use-wormhole-for-ausd-cross-chain-expansion/">integrated</a> Wormhole as its interoperability provider for the AUSD stablecoin in October.

Transfero integrates Wormhole as interoperability provider

crypto.news

Other articles published on Nov 13, 2024

Trump’s win is the Dawn of a new crypto era, says Armstrong

Trump taps Elon Musk and Vivek Ramaswamy to slash gov’t with ‘DOGE’

Italy Lowers Proposed Crypto Tax to 28%

Crypto VC Investment Drops 31.3% in Q3 2024 Amid Market Volatility

VET Adoption Accelerates: Over 4.3M Unique VeChain Addresses as Bitcoin Reaches New Highs

Singapore MAS Announces Plans to Boost Asset Tokenization in Finance

Join our free newsletter for daily crypto updates!