El Salvador Launches $2 Stablecoin Remittance App on Base — While Its Bitcoin Reserve Keeps Growing

El Salvador launched Sivar, a government-backed stablecoin remittance app built on Base with Modveon and Coinbase, offering transfers for roughly $2 against the country's ~$9 billion annual remittance flows, per Bloomberg and multiple outlets. Bloomberg framed the move as a retreat from the bitcoin legal-tender experiment; the country's bitcoin holdings were separately reported as still growing. The app assigns payments to dollar stablecoins while the state's reserve position remains in bitcoin.