Banco Industrial, the largest bank in Guatemala, has integrated the stablecoin infrastructure from blockchain company SukuPay to facilitate remittances from the United States. With SukuPay, Guatemalans can transfer funds from the U.S. for a flat fee of 99 cents, utilizing only their phone number through the Banco Industrial mobile app known as Zigi.

Key Details:

• The integration signifies a major milestone as the first implementation of a cryptocurrency protocol at a significant Latin American retail bank.
• SukuPay operates on the Polygon network and uses the USDC stablecoin.
• Annually, remittances to Guatemala exceed $21 billion, contributing nearly 20% to the nation’s GDP.

Currently, only about 35% of Guatemalan adults have access to formal banking services, highlighting the potential for financial inclusion solutions like this one. SukuPay’s announcement underscores the ongoing trend of blockchain technology permeating traditional finance rather than merely acting as investment options, serving as essential utilities for financial movements.