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How Beans is able to offer “Blue Dollar” exchange rates for $ARS.

The Problem with the Official Exchange Rate in Argentina

Beans App
Jun 12, 2023


Argentina has long struggled with a volatile economy. With its native currency $ARS seeing a decline of over 90% in the past 10 years, Argentinan citizens have been searching for solutions to store, send and receive money. A significant issue that contributes to the instability of the Argentinian economy is the official exchange rate enforced by the government, which results in poor exchange rates for those converting currencies.

In this article, we will explain how blockchain and Beans can contribute to a cheaper and healthier financial situation by making use of the “blue dollar”; An open market USD exchange rate that benefits the regular Argentinian citizen.

The benefits of using stablecoins for international transactions

Stablecoins are cryptocurrencies designed to hold a pegged value to a real-world asset, like how USDC is pegged to the “real” US dollar. Opposed to normal cryptocurrencies, which fluctuate a lot in price and are not a good option for sending transactions and storing value, stablecoins are the complete opposite; They are stable and digital, and they offer a level of stability that can be invaluable for those who rely on international transactions.

How Beans uses Stablecoins to Solve the Problem

Beans app

is a non-custodial wallet built on the Stellar blockchain that is designed to make it easier and more affordable for people to send and receive money between the US and Argentina. Because the exchange is between stablecoins, users don’t have to pay the usual taxes involved with Fiat exchanges. By using stablecoins we are able to offer our users a market rate exchange between USDC and ARS which is much better than the official rate set by the government!

Argentinians using Beans as a means to send and receive cross-border and cross-currency payments can get more pesos for their money, without having to pay high taxes on the exchange. With the open market between stablecoins and $ARS, Beans is able to offer exchange rates often surpassing the blue dollar exchange rate. Even better: In Beans, you can set up a USD account, send transactions, and exchange currencies all for free!

Want to check the current exchange rate between USD and ARS? visit this link for actual info;

The Benefits of Using Beans for International Money Transfers

By using Beans, people all across the world can deposit USD, EUR, BRL, or SOL, which is then deposited as a respective stablecoin to their Beans account. The receiver in Argentina has a Beans account set up with ARS as its default currency, issued by Anclap. Since there is no tax involved in the conversion of the sent currency to ARS, the user in Argentina gets more pesos than they would through traditional means!

An example on USD to ARS money transfers:
Maria lives in the US, and want to send her brother Mateo money. She deposits some USD into her Beans account, and sends it for free and against the best exchange rates to Mateo. Mateo, who has set up his account in ARS, receives the money Maria send him. He sets aside part of the received money to his USD savings account, yielding 7% interest a year. He cashes out the the ARS using the
Anclap or Moneygram service to pay for his bills!

In the end

Beans is an excellent solution for anyone looking to send and receive money between the US and Argentina. By using stablecoins and a market rate exchange, Beans offers a fast, affordable, and secure way to transfer funds. If you’re tired of dealing with the official exchange rate and the high taxes that come with it, Beans is a great option to send cheap and free cross-border and cross-currency transactions, leaving you with more pesos in the end!