CryptoSlate
Sivar, a new payments app developed by Modveon, will settle transfers from the US to El Salvador in stablecoins on Coinbase’s Base network. The service targets a remittance corridor that received about $9 billion in 2025, with roughly 92% of the money coming from the US. Senders can pay by debit card, while recipients get funds in app-embedded wallets and can cash out at more than 1,000 locations. Sivar charges a flat $2 per transfer, and more than 25,000 Salvadorans had signed up before launch, Coinbase said.
Why it matters
The app puts dollar-backed tokens to work on cross-border payments without requiring users to manage blockchain transactions. That is a different proposition from El Salvador’s 2021 Bitcoin legal-tender experiment: stablecoins keep the dollar denomination familiar to households, while blockchain settlement offers an alternative route for moving money. Coinbase provides the onramp, transfer APIs and settlement infrastructure; each user receives a non-custodial wallet.
Sivar enters a market where MoneyGram already offers a USDC-based balance in El Salvador through partners including Circle and the Stellar Development Foundation. Tether also moved its headquarters to the country in 2025 after receiving authorization as a stablecoin issuer and digital-asset service provider. Together, the projects show competing efforts to connect digital dollars with cash-dependent communities.
Market impact
The launch sharpens the distinction between Bitcoin’s continuing place in El Salvador’s national strategy and stablecoins’ emerging role in payments. The country’s Bitcoin Office has highlighted a reserve of about 7,789 BTC, alongside education and training programs. But the IMF said the government has used no public resources to accumulate Bitcoin since its first program review and expects no further accumulation beyond documented private donations.
The $2 fee and cash-out network are central to Sivar’s test of whether stablecoin rails can make remittances more practical for households.
Frequently asked questions
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How will Sivar transfers move from the US to El Salvador?
US users can fund transfers by debit card. Sivar settles transfers in stablecoins on Coinbase’s Base network, and recipients receive the value in app-embedded wallets.
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What fees and cash-out options does Sivar offer?
Sivar charges a flat $2 per transfer regardless of size. Recipients can convert their balances to cash at more than 1,000 locations in El Salvador.
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How large is El Salvador’s remittance market?
About $9 billion flowed into El Salvador through remittances in 2025, with roughly 92% originating in the US. An estimated 1.6 million Salvadorans depend on those payments.
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How does Sivar’s payments model differ from Bitcoin adoption?
Sivar uses dollar-backed stablecoins for transfers, so users do not need to manage blockchain transactions or take on Bitcoin price exposure for payments.
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Does El Salvador’s stablecoin push mean it is abandoning Bitcoin?
No. Bitcoin remains part of the country’s reserve strategy, education programs and national branding, while stablecoins are being tested for everyday remittances.
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