New stablecoin in the Stellar network starts cautiously

The stablecoin CLPX, which is linked to the Chilean peso, launched on Stellar’s network this week. In the first few days he did not manage to gain a foothold on the transfer and copper market.

A new stablecoin linked to the value of the Chilean peso has been active on the open source payment network Stellar since this week. However, how it will be received by users remains to be seen for the time being. It was launched by the Chile-based company CLPX Inc. and named it “CLPX” according to the company’s name. However, it cannot be said that the new stablecoin has gone completely through the roof since it started trading on Monday.

A look up into the ledger Stellar Expert shows that its trading volume is just $ 12,258 or 12,925 trades. The whole point of the CLPX should be to provide a cheaper alternative to traditional peso-based transfers. The company uses the Stellar network because it has significantly lower transaction fees than traditional wire transfer services.

The new CLPX token is designed to make transfers easier and to make it easy for investors around the world to use the Chilean copper-linked peso as security

The export economy in Chile lives mainly from copper mining. Especially in times of the corona pandemic, this branch of industry was of fundamental importance – and it still is. The stability of the Chilean peso is correspondingly dependent on the copper price. The main buyer of the metallic raw material on the world market: China.

Who exactly is behind this new stablecoin?

As sensible as it is to launch a stablecoin that can accelerate transactions on the copper market, especially with regard to China, the poor turnover indicates a certain skepticism. Who is behind CLPX Inc.? Research encourages a company called as the owner KB Trading revealed. Their internet presence does not show partnerships.

While a growing trend towards the introduction of cryptocurrencies can be observed in the Latin American and Spanish-speaking countries after the BTC law in El Salvador, in Chile it has become quite quiet about regulation. What is known, however, is that the Chilean central bank has CBDC plans. She has been researching these since 2018 as part of a special strategic plan. An interim result from 2019 stated that such a CBDC could definitely be beneficial. Governor Mario Marcel saw this particularly in wholesale and cross-border payments. But he also raised concerns about infrastructure costs, cybersecurity and the anonymity of payments.