The Argentine banking group BIND, which manages assets exceeding 2 billion USD, is developing a peso stablecoin

The bank holding group BIND Group, managing assets over $2 billion, is developing a stablecoin pegged to the Argentine peso through its virtual asset service provider BEN, offering programmable currency services to institutions. BIND Group also announced a partnership with Circle to provide BEN clients with institution-level payment and fund management services that comply with local regulatory requirements.

Petersen Group is also advancing a second peso stablecoin initiative through a subsidiary, supported by the crypto-as-a-service company Lirium. The product, named DIPE, has a white paper; Lirium provides related solutions for Banco Galicia and Brubank. The aforementioned projects are promoted by companies supported by the banking group, rather than services provided directly by the banking group. 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 collateral credit management. In March, the Argentine securities regulator determined that the stablecoin argt, pegged to the peso, is classified as a security and was not issued in compliance with regulations.