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Guatemala's largest bank, Banco Industrial, integrates the blockchain payment protocol SukuPay, supporting instant cross-border remittances

ChainCatcher news, according to Cointelegraph, Guatemala's largest commercial bank, Banco Industrial, announced the integration of blockchain infrastructure service provider SukuPay into its mobile banking app Zigi. Users can instantly receive remittances from the United States for a fixed fee of $0.99, without the need to hold a crypto wallet or an international bank account (IBAN). SukuPay stated that this collaboration marks the first adoption of a native crypto protocol by a large retail bank in Latin America.Banco Industrial was established in 1968 and has over 1,600 service points in Guatemala, with assets reaching 1.5 billion quetzals (approximately $20 million) in 2023. Its operations extend to regions such as Honduras, Panama, and El Salvador. The bank holds a significant position in the local remittance market, while cross-border remittances are a key pillar of the Latin American economy—total remittances to Latin America and the Caribbean are expected to reach $161 billion in 2024, but traditional channel fees range from 6% to 10%.SukuPay CEO Yonathan Lapchik pointed out that Guatemala receives $21 billion in remittances annually, and blockchain technology can reduce settlement times from days to instant while alleviating cost pressures. He stated, "The key to achieving large-scale adoption of blockchain is to make the technology invisible to users," emphasizing that stablecoins are a core tool for optimizing cross-border payment efficiency.According to Chainalysis's 2024 report, Latin America is the second-fastest region in the world for cryptocurrency adoption, but Guatemala lags behind neighboring countries like Argentina and Brazil. Currently, over 90% of crypto transactions in the region involve stablecoins, which are better suited for everyday payment scenarios due to their peg to fiat currencies.

Report: Over 90% of financial institutions are布局 stablecoins, banks focus on accelerating cross-border payments and settlements

ChainCatcher news, according to a report by Cointelegraph, the survey report released by the digital asset platform Fireblocks on May 15 shows that among 295 traditional banks, financial institutions, and payment gateways, 90% of the institutions have either actually applied or plan to deploy stablecoins, with only 10% taking a wait-and-see attitude. Among them, 49% of respondents have used it for payment scenarios, 23% are in the pilot stage, and 18% are in the planning phase.Traditional banks view stablecoins as strategic tools for cross-border payments, with 58% of banks using them for cross-border remittances and 28% for receiving payments. Additionally, 12% of banks use them for liquidity management, and 9% for merchant settlements and B2B invoice processing. The report points out that stablecoins, with their characteristics linked to fiat currencies, can be seamlessly integrated into existing fund management systems, helping banks reduce capital lock-up risks and fend off competition from fintech companies.In terms of application advantages, 48% of institutions list "improved settlement speed" as the primary benefit, followed by enhanced transparency (37%), optimized liquidity management (29%), integrated payment processes (25%), and improved security (18%). Only 12% of institutions believe that "reduced transaction costs" is the main driving force.Fireblocks emphasizes that stablecoins are becoming a key pathway for the modernization transformation of the traditional financial system. As customer demand grows and use cases mature, institutions need to accelerate their layout to avoid technological obsolescence, especially in the field of cross-border payments by rebuilding efficiency barriers through stablecoins.
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