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By SGF Solutions
Provide liquidity to Argentinians by exchanging USDC for ARS, and depositing them directly into their bank accounts
At the moment, the two major players fully integrated with Stellar in Argentina are Settle (used by Vibrant) and Anclap. https://stellar.expert/explorer/public/asset/ARST-GCSAZVWXZKWS4XS223M5F54H2B6XPIIXZZGP7KEAIU6YSL5HDRGCI3DG: Supply: ARST 237M https://stellar.expert/explorer/public/asset/ARS-GCYE7C77EB5AWAA25R5XMWNI2EDOKTTFTTPZKM2SR5DI4B4WFD52DARS-1: Supply 24M Keeping a steady supply of digital ARS is difficult. Even with the new policies Argentina has been implementing which kept the ARS at USD 1:ARS 1000 for nearly four months, recently the ARS has again devalued from USD 1:1000 to USD 1:1300 (30% depreciation) almost overnight. See: https://cuex.com/en/usd-ars_pa At SGF (SGF Solutions SRL), we have 12 years of providing financial solutions to Argentinians, and through our well-established network of retail and corporate clients, we are able to provide double the liquidity in ARS and USD than the other two providers combined, monthly; our relevant monthly volumes are ~ARS 600M (7.2bn/yr) in bank transfers (payouts) which are exchanged from ~USD 500,000/month (6M/yr) and smaller volumes of crypto (BTC, ETH, USDC, USDT) totalling ~USD 100,000. Our operating fees, while dynamic, are generally between 0% and 1%. We believe this is a good fit for the Stellar network, which prides itself on providing low fees for financial transactions. While not relevant to this application, we also provide remittances from Argentina to Spain, which has seen a significant uptake in the last few years as the emigration rates increased due to Argentina’s poor economic conditions. It’s important to clarify that we are not looking to issue our own ARS asset, but rather to improve the interoperability of the Stellar blockchain by accepting Stellar’s USDC and off-ramping ARS directly to bank accounts and digital wallets (CBU’s and CVU’s such as MercadoPago, see https://www.bcra.gob.ar/MediosPago/Politica_Pagos-i.asp). SGF proposes building an application that leverages the Stellar Anchor Platform and SEP-24 to accept USDC and offramp ARS. This is supported in SEP-24 as per this pull request https://github.com/stellar/stellar-protocol/pull/1064, and we quote: “This protocol was originally designed to provide conversions between off-chain and on-chain equivalent assets – for instance BRL <> BRLT, USD <> USDC, NGN <> NGNT, etc. – but it has been updated to make exchanges between off-chain and on-chain non-equivalent assets like BRL <> USDC.“ Our use case is USDC <> ARS (one-way, to begin with). Please see the concrete steps to achieve this in our technical architecture document and make sure to read our total expected roadmap in the relevant section of this document. If you have any questions, please reach out to us @ martin_sgf on Discord.
$30.5K
martin_sgf
martin_sgf
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