Transfero, a stablecoin issuer focused on Latin American currencies, has tapped Wormhole as its interoperability provider.
The Brazil-based fintech company announced the development on Nov. 13, noting that integrating Wormhole (W) will help power its stablecoins amid a multi-chain approach. Transfero’s suite of non-U.S. dollar stablecoins includes BRZ, ARZ, and CLZ — pegged to the Brazilian real, Argentine peso, and Chilean peso, respectively.
BRZ, which has recorded more than $200 million in monthly trading volume and over 1 million transactions since 2022, is the largest of the stablecoins pegged to emerging markets’ currencies. Transfero announced the launch of CLZ on November 13, 2024, according to the press release.
With Wormhole as its blockchain interoperability provider, Transfero will leverage the Native Token Transfer framework, or NTT, for multi-chain support. The integration also means the stablecoin issuer will benefit from cross-chain liquidity, removing the fragmentation and need for wrapped tokens.
“Wormhole provides us with the flexibility and security we need to support our rapidly expanding portfolio of stablecoins,” said Marlyson Silva, chief executive officer, Transfero.
Several platforms and protocols have integrated Wormhole’s NTT framework for cross-chain interoperability. In September, the BlackRock-backed tokenization platform Securitize partnered with the Wormhole Foundation to expand cross-chain access to its tokenized assets.
Decentralized finance protocol Sky, formerly MakerDAO, also tapped Wormhole’s NTT technology for native access of its tokens on Solana. Meanwhile, Stablecoin issuer Agora integrated Wormhole as its interoperability provider for the AUSD stablecoin in October.
Read the full article here
