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BIND Group, which manages assets exceeding $2 billion, is developing a stablecoin pegged to the Argentine peso through its BEN subsidiary and partnering with Circle to provide institutional level payment and fund management services. Petersen Group is also promoting a peso stablecoin program called DIPE through its subsidiary and has received support from Lirium. The above project is being promoted by a subsidiary of the banking group, and the Central Bank of Argentina will prohibit private banks from directly providing cryptocurrency services from May 2022. These products are aimed at institutional scenarios such as fund management, payment, and mortgage credit management. In March, the Argentine securities regulatory agency recognized the stablecoin ARGT, which is pegged to the peso, as a security.