Guatemala's largest commercial bank, 'Banco Industrial', has introduced a stablecoin-based payment system that can receive remittances from the United States. This service, which applies the solution of blockchain fintech company SukuPay, is operated through the local mobile app 'Zigi', and users can receive transfers simply by using their phone number.
The fee is fixed at 99 cents per transaction, allowing for easy transfers at a low cost.
Usable Without Cryptocurrency Wallet... Based on 'USDC+Polygon'
SukuPay's system utilizes USDC, a US dollar-linked stablecoin, and is built on Polygon (MATIC), an Ethereum scaling network. Its key feature is that users do not need to create a separate cryptocurrency wallet, allowing general users to access it without entry barriers.
SukuPay stated that "this is the first time a cryptocurrency-based protocol has been so deeply integrated into a major banking system in Central America".
Stablecoin Emerging as an Alternative for Financial Inclusion in Emerging Countries
This integration demonstrates that stablecoins are becoming more than just investment products, but actual financial infrastructure. The stablecoin market, which has grown to about $230 billion, is particularly recognized for its practicality in emerging countries as a means of payment, remittance, and savings.
The utility of stablecoins is even more prominent in regions with high volatility in local currency and low financial accessibility.
Guatemala's Annual Remittance of $21 Billion... 20% of GDP
Guatemala receives approximately $21 billion in foreign remittances annually, which corresponds to about 20% of its gross domestic product (GDP). However, as of 2022, only 35% of the adult population holds an official bank account, indicating persistently low financial accessibility.
In this context, blockchain-based remittance systems like SukuPay are drawing attention as a practical alternative for expanding 'financial inclusion'.
