The largest bank in Guatemala, Banco Industrial, has adopted Stablecoin Rails of the firm Blockchain Sukupay for customers to send remittances from the United States
Sukupay will allow the Guatemalans to receive funds from the United States. For a flat rate of 99 cents using only one telephone number within their industrial mobile application Banco Zigi, according to an announcement sent by email on Wednesday.
“This integration marks the first time that a crypto-native protocol has gone to this depth within a first-level Latin American retail bank,” Sukupay said in the announcement.
The Sukupay developer, Suku, announced the payment tool in April 2024 as a way of allowing cross -border money transfers without the need to create a cryptographic wallet. It is based on Ethereum Scaling Network Polygon and uses the USDC Stablecoin.
Stablecoins, now a class of assets of almost $ 230 billion, is one of Crypto’s most practical success stories. Aimed at fiduciary currencies such as the US dollar, they have become popular tools for payments, remittances and savings, especially in developing countries where bank access is limited or local currencies are volatile.
Sukupay’s integration into an industrial bank underlines the tendency of how blockchain -based rails are silently entering the main financial current, not as investment vehicles but as invisible pipes for the movement of money in the real world.
Guatemala remittances total around $ 21 billion annually, which is almost 20% of the country’s GDP.
Only 35% of Guatemalan adults had access to formal bank accounts from 2022, according to the World Bank’s Findex data, which makes it a main market for tools that can improve financial inclusion.
