El Salvador Launches 'Sivar' Stablecoin App for Remittances

El Salvador has introduced 'Sivar', a payment application utilizing stablecoins on the Base network to facilitate remittances. Developed by Modveon with infrastructure support from Coinbase, the app targets the country's $9 billion annual remittance market, charging a flat fee of $2 per transaction. With over 25,000 pre-registrations, the service allows users in the U.S. to send funds to recipients in El Salvador, who can then withdraw cash at over 1,000 locations. The initiative shifts focus toward dollar-pegged stablecoins for daily transfers, while Bitcoin remains reserved for national policy and reserves.