Argentina’s province to issue US dollar-pegged stablecoin

The province of San Luis in Argentina approved legislation allowing the issuance of its own stablecoin pegged to the United States dollar. The token, dubbed the “Activo Digital San Luis de Ahorro,” will be 100% collateralized in liquid financial assets of the province.

The stablecoin issuance is only one of the initiatives described in the bill called “Financial Innovation for Investment and Social Economic Development”, which aims to promote development in several sectors in the province through blockchain technology.