Banco Industrial Embeds SukuPay's USDC Stablecoin Infrastructure into Its Mobile Banking App

This partnership enables Guatemalans to instantly receive remittances from the U.S. for a fixed fee. It also removes the need for crypto wallets or complex banking details.

Banco Industrial, the largest bank in Guatemala, has partnered with blockchain firm SukuPay to launch a cross-border remittance service using the USDC stablecoin.

The service, which allows users in the U.S. to send remittances instantly to any phone number in Guatemala for a flat fee of $0.99, is accessible through the bank’s Zigi mobile app.

Banco Industrial's Integration of SukuPay’s Stablecoin Infrastructure

This partnership marks one of the most advanced instances of crypto-native technology being embedded into a Latin American bank’s core services. SukuPay’s protocol has been integrated into a regulated institution, while the service to end-users is designed without any direct interaction with crypto.

The implementation also reflects the trend of blockchain quietly powering traditional banking operations without requiring users to understand the technology.

"We are excited to partner with Banco Industrial to launch this innovative remittance service," said SukuPay CEO. "This partnership will help to improve the lives of millions of Guatemalans by providing them with a faster, cheaper, and more convenient way to receive money from the U.S."

Guatemala is a major recipient of remittances, with about $21 billion sent to the country each year, equal to nearly 20% of its GDP. However, only 35% of Guatemalan adults had an account at a bank or other financial institution in 2022, according to the World Bank.

SukuPay’s system aims to overcome this gap by working with an existing and widely used mobile app in Zigi, which is designed for broad accessibility.

Those sending money to Guatemala only need a phone number to instantly send any amount of USDC, which can then be accessed without the recipient needing an International Bank Account Number (IBAN) or to create a digital wallet.

This feature is especially relevant to the unbanked population, who often face technical and financial barriers when trying to access funds.

SukuPay’s solution was designed from the ground up to be massively scalable and accessible to the most underserved demographics. The company's vision is to embed blockchain infrastructure invisibly into mainstream systems to drive rapid adoption.

According to Chainalysis 2024 data, Latin America is the second-fastest-growing region for cryptocurrency adoption. While Guatemala trails countries like Argentina, Mexico, and Colombia in the Global Crypto Adoption Index, its financial ecosystem is quickly catching up.

SukuPay’s infrastructure, launched in April 2024, delivers fast, low-cost, and secure cross-border payments without requiring cryptocurrency literacy.

It operates on the Polygon network and uses USDC stablecoins to support real-world transactions. Using stablecoins instead of volatile tokens ensures consistency for both the sender and receiver in the U.S. and Guatemala.

Banco Industrial has a wide presence across Guatemala, Honduras, Panama, and El Salvador, making it a key player in the effort to modernize remittances.

This integration of blockchain rails showcases how banks can seamlessly enhance services without changing user behavior, ultimately strengthening the region’s financial systems by improving cross-border liquidity.