Argentinian banking groups, including BIND, which manages over $2 billion in assets, are developing a peso stablecoin.

According to Odaily, BIND Group, a bank holding group managing assets of 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-grade payment and fund management services that comply with local regulations.

Petersen Group is also advancing a second Peso stablecoin initiative through a subsidiary, with support from crypto-as-a-service company Lirium. The product, named DIPE, already has a whitepaper; Lirium provides related solutions for Banco Galicia and Brubank.

All of the above projects are being promoted by companies supported by banking groups, rather than by the banking groups themselves directly providing the services. Since May 2022, the Central Bank of Argentina has prohibited private banks from offering crypto-related services to clients.

These products are primarily aimed at institutional scenarios, with use cases including fund management, payments triggered by on-chain events, and collateralized credit management. In March, the Argentine securities regulator concluded that argt, a stablecoin pegged to the Peso, constituted a security and had not been issued in compliance with regulations.