LATAM Payments App RPay with $5.7B in Volume Adopts Decentralized Stablecoin eUSD

Widely used in Latin America, the RPay app integrates decentralized stablecoin eUSD for stable payments, mitigating risks and adding improved safeguards for users during times of financial system instability.

SAN FRANCISCO, March 30, 2023 /PRNewswire-PRWeb/ -- RPay, a project from Reserve, announces the adoption of the electronic dollar (eUSD) by the popular Latin American-focused payments app RPay in place of its previous stablecoin RSV.

RPay is used for paying, exchanging, sending, and receiving money across 18 countries throughout Latin America and is one of the largest-by-volume real-world use cases of crypto being used by regular people, with over $5.7B in cumulative volume transacted since launch in 2020.

Latin America has experienced some of the highest inflation in recent decades, and people have reacted by adopting RPay stablecoin payments for shopping, payroll, and remittances, among other p2p payment needs.

Gabriel "Gabo" Jimenez, CEO of RPay who was a key architect of the initiative for Venezuela's Petro CBDC before his departure in response to its centralization, has devoted his expertise to empowering people across Latin America in overcoming economic challenges through innovative, inclusive solutions. Drawing on his experience, Jimenez stated, "Having witnessed the devastating effects of hyperinflation, South Americans recognize the importance of a currency unshackled from central bank whims. The United States, too, is awakening to this reality following the recent bank failures spurred by the Federal Reserve's interest rate maneuvers. The world is on the cusp of embracing decentralized stablecoins like eUSD, which autonomously mitigate such risks and pave the way for economic freedom and inclusion."

The International Monetary Fund's recent report on Crypto Assets and CBDCs in Latin America and the Caribbean includes Reserve as an app that "has proved successful in preserving savings and protecting [peoples'] livelihoods, granting the benefits of crypto assets but without their extreme volatility."

Nevin Freeman, Co-founder of Reserve, shared, "Circle's USDC depegging due to the bank run on Silicon Valley Bank where Circle kept cash reserves highlights the need for a stablecoin that isn't exposed to fractional reserve banking. This is exactly what eUSD offers due to its use of overcollateralization above and beyond its 1:1 USD stablecoin collateral. Based on shifting market conditions, eUSD can automatically swap out the stablecoin collateral in its basket and cover losses with staked crypto assets, as it did with the USDC de-peg."

eUSD is pegged to USD, backed 1:1 by a diversified basket of yield-bearing stablecoins and overcollateralized with auditable proof of reserves on-chain 24-7.

For media inquiries, please contact Karen Hepp at (310) 260-7901 or karen(at)melrosepr(dot)com.

About Reserve Protocol
Reserve aims to help people around the world fight inflation by providing access to stable currency. The Reserve Protocol provides a turnkey, permissionless platform for anyone to create yield-bearing, asset-backed currencies that share revenue, are censorship-resistant, and have proof of reserves on-chain, 24/7. The platform is designed to provide an alternative to inflation-prone currencies, empowering people to maintain their purchasing power over time and across borders. RPay, a project from Reserve has exceeded $5.7B in volume in Latin America for shopping, payroll, remittances, and other p2p payments, has been used by regular people to fight the impacts of hyper-inflation since 2020.

Media Contact

Karen Hepp, Melrose PR, (310) 260-7901, karen@melrosepr.com

 

SOURCE Reserve