El Salvador builds app for dollar stablecoin remittances

El Salvador’s government is building Sivar, an app that supports remittances using dollar-pegged stablecoins, Bloomberg reported. The app runs on Coinbase’s Base network and will charge a $2 fee for digital dollar transfers from the United States to El Salvador regardless of the amount sent. Nana Murugesan, CEO of Sivar developer Modveon, said El Salvador continues to use Bitcoin as a reserve asset and store of value while opting for faster, cheaper stablecoins for moving funds.