Bloomberg reported that the Salvadoran government is building Sivar, an app that supports dollar-pegged stablecoin remittances. Sivar will use Coinbase's Base network and will charge a $2 fee, regardless of the remittance amount, when U.S. residents send digital dollars to El Salvador. In this regard, Nana Murugesan, CEO of Modveon, the developer of Sivar, explained, "While El Salvador continues to utilize Bitcoin as a reserve asset and store of value, it is opting for faster and cheaper stablecoins for money movement."
