El Salvador Taps Stablecoins for Remittance Payments via Sivar App

El Salvador is leveraging stablecoins for cross-border remittances through a new app called Sivar, developed by Modveon. Utilizing Coinbase infrastructure and the Base network, the app allows US-based users to send funds that are settled in stablecoins, targeting a $9 billion annual remittance market. While the country maintains its Bitcoin legal tender status, the Sivar app abstracts blockchain complexity for users, charging a flat $2 fee per transfer. Recipients can convert their balances to cash at over 1,000 locations across the country.