El Salvador targets $9 billion in transfers, but chooses stablecoins
El Salvador is adding stablecoin-based remittances through Sivar, an app built by Modveon using Coinbase infrastructure to settle transfers on Base. Senders in the US can pay by debit card; recipients get an embedded wallet balance and can cash out at more than 1,000 local locations. Sivar charges $2 per transfer and had more than 25,000 sign-ups before launch. The service reflects a shift toward dollar-backed tokens for everyday payments, alongside MoneyGram’s USDC offering, while Bitcoin remains part of the country’s reserves and national programs. Under its $1.4 billion IMF program, El Salvador made Bitcoin acceptance voluntary, required taxes in dollars, agreed to wind down the state’s Chivo wallet role, and has not used public funds for new Bitcoin purchases since its first program review.
