Emre Yumlu 
Guatemala’s largest financial institution, Banco Industrial, has taken a significant step in digital innovation by integrating blockchain-powered SukuPay infrastructure into its mobile payments app, Zigi. This move allows Guatemalans to receive cross-border transfers—especially from the U.S.—instantly and for a flat fee of just $0.99.
One of the most notable aspects of this system is its user-friendliness: recipients don’t need a crypto wallet or an IBAN to receive funds. Transactions are settled in the background using blockchain, while the end-user enjoys a seamless experience.
As SukuPay CEO Yonathan Lapchik explains, making blockchain “invisible” to users is key to global adoption. “People shouldn’t need to understand the tech to benefit from it. The real challenge is to build the rails, not force everyone to learn how the engine works.”
Banco Industrial, founded in 1968, operates more than 1,600 service points across Guatemala. As of 2023, the bank had over 150 million Guatemalan quetzals in assets—approximately $20 million USD. The integration with SukuPay marks one of the first real blockchain implementations within a major Latin American retail bank.
Expanding Regional Influence
Banco Industrial’s impact extends beyond Guatemala, with operations in Honduras, Panama, and El Salvador. In these countries as well, the bank plays a major role in processing remittances, a vital income stream for millions of families.
In fact, remittances are a lifeline in Latin America. In 2024, the Inter-American Development Bank projected that Latin America and the Caribbean would receive around $161 billion in remittances. These monthly payments typically range from $131 to $648, accounting for 6% to 23% of the sender’s income.
Lapchik criticizes the traditional remittance system for being costly and inefficient:
“Guatemala alone receives $21 billion in remittances annually, but families lose 6% to 10% of that to fees and delays. When people are sending $300 or $400 per month, they can’t afford to wait days or lose money just to get it delivered.”
He argues that blockchain, when applied effectively, can eliminate these barriers, delivering money faster and at lower cost, through apps that users are already familiar with.
Stablecoins Fuel Adoption in Latin America
While Latin America is the second-fastest growing region for crypto adoption globally, Guatemala still lags behind countries like Argentina, Brazil, Mexico, Venezuela, and Colombia. According to recent research, stablecoins are the key enabler in this growth trend.
Lapchik notes that while most users don’t consciously seek out stablecoins, they end up using them because they offer speed, reliability, and low cost for cross-border payments.
“People don’t wake up thinking, ‘I need a stablecoin,’ but it turns out to be the best way to make international transfers work smoothly.”
By combining stablecoins with banking apps that people already trust, this integration could represent a turning point for blockchain adoption across underserved regions.
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