Conflicting Reports Emerge Over Sivar Stablecoin App in El Salvador

A dispute has arisen regarding the launch of Sivar, a stablecoin wallet for remittances developed by US startup Modveon. While a Bloomberg report claimed a five-year contract between the startup and the Salvadoran government, the National Bitcoin Office and President Nayib Bukele denied any state involvement, labeling the report as fake news. Conversely, Coinbase, which provides payment infrastructure for the app, has not publicly confirmed any government partnership. The official contract remains undisclosed, leaving the nature of the project and its relationship with the state in question.