Guatemala’s Banco Industrial Integrates SukuPay’s Stablecoin for Remittances
Banco Industrial, Guatemala's largest bank, has integrated SukuPay's stablecoin technology for remittances from the U.S. Customers can send money for a flat fee of 99 cents using the Banco National mobile app Zigi.
- This is the first implementation of a crypto-native protocol in a top-tier Latin American retail bank.
- SukuPay enables cross-border transfers without needing a crypto wallet, utilizing the USDC stablecoin on the Polygon network.
- Stablecoins are a $230 billion asset class, popular for payments and remittances in regions with limited banking access.
- Guatemala receives approximately $21 billion in remittances annually, accounting for nearly 20% of its GDP.
- As of 2022, only 35% of Guatemalan adults had access to formal bank accounts, highlighting the need for improved financial inclusion.