BIND Group Develops Peso-Backed Stablecoin, Partners with Circle for Payment Services

BIND Group is developing a stablecoin pegged to the Argentine peso through its virtual asset service provider, BEN, aimed at offering programmable currency services to institutions. BIND Group has partnered with Circle to provide institutional-grade payment and fund management services for BEN clients that comply with local regulatory requirements. Petersen Group is also advancing a second peso stablecoin initiative through its subsidiary, supported by crypto-as-a-service company Lirium, with the product named DIPE, which has already formed a white paper. Lirium provides related solutions for Banco Galicia and Brubank. These projects are being promoted by companies supported by banking groups, rather than directly provided by the banking groups themselves. The Central Bank of Argentina has prohibited private banks from offering crypto-related services to customers since May 2022. These products are primarily aimed at institutional scenarios, with use cases including fund management, payments triggered by on-chain events, and collateralized credit management.

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