Colombian Neobank Shifts from Ethereum to Avalanche Amid Rising Demand for Treasury Products
Littio, a neobank in Colombia, is migrating its vault holdings from Ethereum to Avalanche, capitalizing on growing demand for its Yield Pots products.
Colombian neobank Littio is transitioning from Ethereum to Avalanche to enhance access to U.S. Treasury bills through its products called Yield Pots.
Key Points:
- Littio's vault holdings are moving to Avalanche to manage scaling.
- Established in February, these vaults have already registered a trading volume of $80 million.
Littio allows users to earn interest on dollar deposits, which has driven this shift. The Avalanche Foundation initiated a $50 million program last year to promote the creation of real-world assets (RWAs) on its blockchain, marking a significant advantage for this platform.
Growing Demand for U.S. Treasury Bills
- Littio partners with OpenTrade to utilize yield-bearing products utilizing stablecoins and real-world assets.
- Stablecoins maintain value equivalent to government-issued currencies, primarily the U.S. dollar.
- Jeff Handler highlights the appeal for neobanks and centralized exchanges, meeting the demand for USD within Latin America.
Littio operates across various Latin American nations, including Colombia, Argentina, Brazil, and Mexico. Despite its recent launch, the product has already realized over $80 million in volume, proving effective amid the depreciating Colombian peso.
Quote:
“Littio and OpenTrade exemplify how Avalanche’s technology can enable underbanked populations to access compelling products and services that are otherwise unavailable or untenable via traditional channels,” Morgan Krupetsky, Aval Labs.
