El Salvador rolls out stablecoin remittance app

Crypto

CryptoSlate

El Salvador and private firms are shifting everyday remittances toward dollar-backed stablecoins as a complement to the country's continued Bitcoin reserve holdings. Sivar, a national payments app built by Modveon, will use Coinbase onramps and Base settlement to move dollars as stablecoins, charge a $2 flat fee per transfer, and let recipients cash out at more than 1,000 locations. The move targets roughly $9 billion in annual remittances, most from the United States, and follows other stablecoin entries like MoneyGram and Tether's relocation, signaling a pragmatic split between payments rails and Bitcoin's strategic role.

Sivar will settle remittances in stablecoins and charge a $2 flat fee.