Transfero integrates Wormhole as interoperability provider

Transfero, a stablecoin issuer focused on Latin American currencies, has chosen Wormhole as its interoperability provider.

The Brazil-based fintech company announced the development on November 13, stating that integrating Wormhole (W) will help strengthen stablecoins with a multi-chain approach. Transfero’s non-US dollar stablecoins include BRZ, ARZ, and CLZ, which are pegged to the Brazilian Real, Argentine Peso, and Chilean Peso, respectively.

With a monthly trading volume of over $200 million and recording more than 1 million transactions since 2022, BRZ is the largest of the stablecoins pegged to emerging markets currencies. According to the press release, Transfero announced the launch of CLZ on November 13, 2024.

Transfero, a blockchain interoperability provider Wormhole, will use the Native Token Transfer framework, or NTT, for multi-chain support. The integration also means that the stablecoin issuer will benefit from cross-chain liquidity, eliminating fragmentation and the need for wrapped tokens.

“Wormhole gives us the flexibility and security we need to support our rapidly expanding stablecoin portfolio,” said Transfero CEO Marlyson Silva.

Various platforms and protocols have integrated Wormhole’s NTT framework for cross-chain interoperability. In September, BlackRock-backed tokenization platform Securitize partnered with the Wormhole Foundation to expand cross-chain access to its tokenized assets.

Decentralized finance protocol Sky (formerly MakerDAO) also leveraged Wormhole’s NTT technology for native access to its tokens on Solana. Meanwhile, Stablecoin issuer Agora integrated Wormhole as an interoperability provider for its AUSD stablecoin in October.