According to local news, even though the central bank still prohibits banks from dealing with cryptocurrencies, two major banking groups are getting ready to launch digital versions of the peso – stablecoins – for businesses. These stablecoins would offer the benefits of programmable money.
Key Takeaways
- BIND and Petersen Groups are developing peso-pegged stablecoins to offer programmable money to institutions.
- Subsidiaries lead the projects to bypass a 2022 central bank ban on private banks offering crypto services.
- These digital pesos aim to streamline institutional treasury management and collateralized credit operations.
Digital Peso Stablecoins in Development in Argentina
In Argentina, many people use stablecoins like USDC and USDT as a way to hold value similar to US dollars. However, fintech companies are now starting to focus on creating their own local stablecoins.
A recent report from Iproup stresses that two banking holding groups are developing stablecoins pegged to the Argentine peso, focusing on offering programmable money services to institutions.
BIND Group, a holding with over $2 billion in assets under management, which owns BIND Banco Industrial, would be developing a peso stablecoin through BEN, its in-house virtual asset service provider (VASP). The conglomerate also announced a partnership with Circle to provide institutional access to BEN customers, supporting payments and treasury use cases in compliance with local regulations.
Petersen Group, also the owner of multiple regional banks, is planning a new project through one of its companies. They’re partnering with Lirium, which helps banks like Banco Galicia and Brubank work with cryptocurrency. This service, called DIPE, is fully developed and documented in a public whitepaper.
These two initiatives have one thing in common: they are being advanced by companies backed by banking conglomerates but not by banking groups themselves, as the Argentine Central Bank has banned private banks from offering crypto-related services to their customers since May 2022.
These services are primarily aimed at institutions, who could use a digital peso to streamline payments. Potential applications include managing finances, automating payments based on blockchain events, and more efficient handling of collateralized loans.
Although digital versions of the peso already exist, new options are emerging that would be backed by established banking groups. These could eventually be adopted by regular banks, as the central bank is considering allowing cryptocurrency services again.
However, in March, Argentina’s peso-backed stablecoin faced scrutiny from the country’s financial regulator, who stated it was being offered as an unregistered security.
2026-07-28 11:57