Why are you participating for Based LatAm?

We are participating in Based LATAM because we want to change the status quo of crypto adoption in Chile and LatAm, and we are doing it by building the first Chilean peso stablecoin.

We are a team of builders from all over LATAM — Chile, Argentina, Bolivia, Colombia, and Venezuela — building the first Chilean peso stablecoin, issued on Base. It's a fully backed 1:1 redeemable Chilean peso stablecoin, with online verified proof of reserves that will enable:

• National and international transfers.
• Payments.
• Access to digital and real-world assets.
• Lending and borrowing services.

This will provide these services to millions of Chileans.

We believe that the future of finance in Latin America lies in providing more transparent, secure, and accessible financial tools, and our stablecoin is a key element to make that happen. By leveraging Base’s Layer 2 technology, we are building a solution that is scalable, cost-effective, and open to millions of people who are currently underserved by traditional financial systems.

Our goal is to break down barriers, empowering individuals and businesses to seamlessly interact with blockchain technology in their daily financial activities.

Participating in Based LATAM gives us the opportunity to connect with a thriving community of innovators and developers, pushing forward the adoption of blockchain solutions across the region. We are excited to showcase the potential of our project, learn from others, and collaborate to create a decentralized and inclusive financial ecosystem in LatAm.

Our stablecoin will serve as a bridge between the real economy and the crypto world, fostering a new era of financial inclusion for all.

What challenges are you focusing on?

Access and Onboarding for Everyone

Our primary focus is on solving the challenge of access and onboarding to blockchain technology for everyday Chileans and LatAm users. In a region where many people are unbanked or underserved by traditional financial systems, the demand for a stable, secure, and easy-to-use digital financial solution is undeniable.

That’s why we created a stablecoin, backed 1:1 by the Chilean peso. It acts as a gateway for those unfamiliar with crypto, offering a secure entry point to the world of digital assets and services. Our platform is being designed with simplicity in mind, featuring interfaces that are intuitive and user-friendly, so anyone—regardless of tech expertise—can easily begin using it.

Education and Building Trust

Beyond onboarding, we’re tackling another critical challenge: educating users on the benefits of blockchain. Many people in Chile and across Latin America are hesitant to embrace cryptocurrencies due to a lack of understanding or trust in the technology.

With Base’s support, we’re creating a platform that prioritizes transparency. By providing on-chain proof of reserves, we’re making sure users can trust the system. This transparency is essential in fostering confidence and ensuring that the stablecoin is not just reliable, but secure. Visit the proof of reserves site: https://clpd.mistokens.com/en/reserve

How does your submission address this challenge?

Our submission tackles the challenge of access and onboarding by introducing a Chilean peso-backed stablecoin on Base’s Layer 2. This stablecoin serves as a bridge between traditional finance and the blockchain world, offering a stable, familiar asset for users in Chile and throughout LatAm. By focusing on a 1:1 fully backed and redeemable peso, we eliminate the volatility concerns that often deter new users from exploring cryptocurrencies, making this an ideal entry point into the digital economy. Additionally, we’ve enabled pools that allow users to easily convert to USDC or other digital assets with just a few clicks.

The potential impact of this project is vast. It opens up a range of financial opportunities for millions of individuals and businesses. Users can conduct everyday transactions such as payments, remittances, and transfers with ease, both domestically and internationally. Moreover, it gives them access to decentralized finance (DeFi) services, including lending, borrowing, and investment in digital assets—services that have historically been out of reach for most. Our platform is built with a user-centric approach, focusing on simplicity, security, and transparency, ensuring a seamless onboarding process regardless of users’ technical expertise.

This project has the potential to significantly boost crypto adoption across LatAm, particularly in Chile, where stable access to financial tools remains limited for many. By providing a trustworthy digital asset backed by transparent reserves, we are promoting greater financial inclusion, enabling users to participate in the growing digital economy and benefit from blockchain innovations.

Challenges we ran into

Our most significant technical challenge during the buildathon was constructing our own proof of reserves system.
One key challenge we faced was the lack of availability of Chainlink Any API on Base Mainnet, which we initially used to connect the bank’s API with our Smart Contract. After successful tests on Base Sepolia, we had to switch to Chainlink Functions for deployment on Base Mainnet. Another hurdle was Base's low liquidity, which prevented us from purchasing LINK tokens directly on the network. To solve this, we:

1. Bought LINK on Ethereum.
2. Used Chainlink CCIP to transfer the tokens to Base.

For Uniswap integration, we wanted users to swap tokens directly from our website without needing to visit Uniswap. To achieve this, we developed and deployed a SwapRouter02 Smart Contract on Base Mainnet, which streamlined the token swap process for our users.

From a brand perspective, we were initially uncertain about how to name the token. After testing several ideas with members of the local web3 community, the concept of "peso digital" emerged as the most popular. As a result, we chose CLPD as the token name, standing for "CLP Digital" or "peso digital".

In addition to these challenges, there was considerable uncertainty surrounding regulations in Chile regarding stablecoins, especially given previous attempts at creating one. We managed to navigate these legal complexities with the help of legal counsel, ensuring our project complied with all necessary regulations.

Additional Features

Everything in this project was built duting the Buildathon. The team has been working together, and built Mistokens.com, a marketplace for real-world assets (RWA) in LATAM, which provides comprehensive tokenization services to legally launch security tokens. Our platform is designed to facilitate the sale and management of tokenized assets, ensuring a seamless experience for businesses looking to leverage the advantages of blockchain technology in the financial sector.

In addition to this, we are developing internal products, with CLPD, our Chilean peso-backed stablecoin, being the first of these initiatives, actively built during this hackathon. This token will play a central role in enhancing our marketplace's ecosystem by enabling stable digital transactions.