El Salvador launches $2 stablecoin remittance app Sivar on Base while denying a bitcoin pivot
El Salvador and Modveon launched Sivar, a flat-$2 remittance app settling in stablecoins on Base, while the National Bitcoin Office denied the country is pivoting away from bitcoin.
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Why it matters
Coinbase's Base and Onramp now process payments for a national remittance programme, and the National Bitcoin Office's denial leaves the boundary between private stablecoin rails and government policy unsettled. Bitcoin purchases by the country continued in parallel, according to Bitcoin.com, with 30 BTC bought in 30 days and reserves at 7,790 BTC.
Where the sources disagree
Whether El Salvador is pivoting from bitcoin to stablecoins
El Salvador is turning to stablecoins for remittances, separating everyday payments from its pioneering bitcoin experiment (CryptoSlate)
CryptoSlate
The stablecoin pivot is 'fake news' and the government has no plans to launch or operate any bitcoin, crypto or stablecoin wallet (National Bitcoin Office, reported by Bitcoin.com)
Bitcoin.com News
CryptoSlate and Unchained describe a government-backed stablecoin remittance product as a separation of everyday payments from the bitcoin strategy, while the National Bitcoin Office says the country is not shifting away from bitcoin and operates no crypto wallets.
How much state role exists in Sivar
Modveon operates Sivar under a five-year contract with state body AAB, which is also an investor (Unchained)
Unchained
All state involvement has officially ended after Chivo Wallet was sold to a private operator (National Bitcoin Office, reported by Bitcoin.com)
Bitcoin.com News
Unchained reports a state institution contracting with and investing in Modveon to run the app, while the National Bitcoin Office says state involvement in wallets ended with the Chivo Wallet sale.
Key facts
Sivar transfers settle in stablecoins on Base, Coinbase's layer-2 network.
Reported by CryptoSlate
US senders fund transfers through Coinbase Onramp, each user receives a non-custodial wallet in the app, and recipients can withdraw cash at more than 1,000 locations across El Salvador.
Reported by Unchained
Modveon has raised $10 million in a round first announced in February from backers that include Coinbase Ventures and Firebolt Ventures, and AAB is one of its investors.
10,000,000 USDReported by Unchained
Remittances to El Salvador came to about $9 billion last year, with roughly 92% coming from the US, according to the launch release.
9,000,000,000 USDReported by Unchained
El Salvador's National Bitcoin Office called reports of a stablecoin pivot fake news, said it has no plans to launch or operate any bitcoin, crypto or stablecoin wallet, and said the sale of Chivo Wallet to a private operator ended state involvement.
Disputed figureReported by Bitcoin.com News
El Salvador bought 30 BTC in 30 days, expanding its national reserves to 7,790 BTC.
30 BTCReported by Bitcoin.com News
What happened
El Salvador's government and the Palo Alto startup Modveon launched Sivar on Tuesday, a national app that charges US residents a flat $2 to send any amount to identity-verified recipients in the country. Transfers move as stablecoins on Base, Coinbase's layer-2 network: US senders fund them through Coinbase Onramp, every user gets a non-custodial wallet inside the app, and recipients can withdraw cash at more than 1,000 locations in El Salvador, with Coinbase chief policy officer Faryar Shirzad saying the economics work because transfers move entirely in digital dollars. The release cited by Unchained put remittances to El Salvador at about $9 billion last year, roughly 92% of it from the US, and CryptoSlate described the app as separating everyday payments from the country's bitcoin legal-tender experiment, which began in 2021. Modveon also signed a five-year agreement with AAB, the Salvadoran Bitcoin Fund Management Agency, that took effect this month and makes Modveon responsible for developing and running the app, and AAB is one of the company's investors; Modveon has raised $10 million in a round first announced in February from backers including Coinbase Ventures and Firebolt Ventures. The National Bitcoin Office disputed that framing, dismissing a Bloomberg report that the country is turning to stablecoins as fake news, stating it has no plans to launch or operate any bitcoin, crypto or stablecoin wallet, and pointing to the sale of Chivo Wallet to a private operator as the end of state involvement. Bitcoin Insider, citing Cryptopolitan, read the deployment as part of Coinbase's push into national-level payment infrastructure, and Bitcoin.com reported that El Salvador bought 30 BTC in 30 days, taking its reserves to 7,790 BTC.
How the story developed
- First report
First report by CryptoSlate
El Salvador targets $9 billion in transfers, but chooses stablecoins
- Update
Sivar national launch announced
El Salvador's government and Modveon announced the launch on Tuesday, with a flat $2 fee for US senders and settlement in stablecoins on Base.
- Independent corroboration
Independently corroborated by Unchained
El Salvador Launches a $2 Remittance App That Settles in Stablecoins
- Update
Modveon's $10 million round first announced
Backers include Coinbase Ventures and Firebolt Ventures.
- Official statement
Modveon's five-year agreement with AAB takes effect
The contract puts Modveon in charge of developing Sivar and running it day to day.
- Update
Bitcoin Insider and Cryptopolitan frame the launch as a Coinbase infrastructure expansion
Bitcoin Insider cited Cryptopolitan's report that the app is tied to Coinbase's push into national-level deployments.
- Official statement
Official statement from Bitcoin.com News
‘Fake News’: El Salvador Denies Stablecoin Pivot as Bitcoin Treasury Grows
- Update
Bitcoin treasury growth reported alongside the denial
El Salvador bought 30 BTC in 30 days, taking reserves to 7,790 BTC.
- Official statement
National Bitcoin Office denies a stablecoin pivot
ONBTC shared a statement calling the Bloomberg report 'fake news' and saying it has no plans to run any bitcoin, crypto or stablecoin wallet.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 29 Sept 2026, 18:40 UTC: CryptoSlate — 1 independent source, 1 reports
- 29 Sept 2026, 23:18 UTC: Unchained — 2 independent sources, 2 reports
- 30 Sept 2026, 00:14 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 30 Sept 2026, 15:25 UTC: Bitcoin.com News, official — 4 independent sources, 4 reports
Affected entities
Also mentioned: Tether USDt, International Monetary Fund, Ethereum, USD Coin, Circle, Andreessen Horowitz, Lightning Network
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | ‘Fake News’: El Salvador Denies Stablecoin Pivot as Bitcoin Treasury Grows | Independent | |
| CryptoSlate Crypto media | El Salvador targets $9 billion in transfers, but chooses stablecoins | Original | |
| Unchained Crypto media | El Salvador Launches a $2 Remittance App That Settles in Stablecoins | Independent | |
| Bitcoin Insider Aggregator | El Salvador Rolls Out $2 Remittance App Settling Payments in Stablecoins | Syndicated |
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