USDC’s new stablecoin savings account hits Latin America

Although the service is not only available in Latin America, Ledn ’s main goal is the region to provide residents in areas with high inflation with a way to protect their funds without the complicated KYC requirements of traditional banking. Ledn and Genesis have substantially facilitated the acquisition of dollars in countries where banks do not support dollar accounts.

Mauricio Di Bartolomeo, co-founder and COO of Ledn, told Decrypt: “Since its inception, more than 50% of our customers are in Latin America.” The value of LatAm’s local currency has fallen (Argentina has fallen 33% in 60 days; Brazil and Mexico fell by 20% within 60 days; Colombia fell by 10%), “he said.

Mauricio was born and raised in Venezuela and knows the economic situation in Latin America very well. About 70% of the population has insufficient bank resources or funds in the entire region. However, Internet access is rapidly increasing and the banking sector lacks the ability to adapt to this new normal.

As a result, the fintech sector in Latin America has developed rapidly. Therefore, it is effortless to provide familiar services for Latinos while being faster, cheaper and less bureaucratic.

Bartolomeo said: “Everyone knows and understands the U.S. dollars in the region, which is why our Ledn USDC savings account cannot come better.”

However, Ledn’s vision has exceeded Latin America. Bartolomeo said: “Although we have a good understanding of the LatAm market, we think this issue will not be limited to LatAm, but will quickly expand internationally.”

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