El Salvador rolls out stablecoin app five years after Bitcoin legal tender move

El Salvador’s government has partnered with Modveon, a Palo Alto-based startup backed by Coinbase Ventures, to launch Sivar, a national digital platform designed to connect Salvadorans with verified communities, businesses and public institutions while providing cross-border payment services. Under a five-year agreement with Salvadoran public institution AAB, Modveon will operate and expand Sivar and its digital services, the company said Tuesday. Founded in 2025, Modveon is developing an identity-first digital infrastructure platform for governments and citizens, backed by $10 million in seed funding in February. In addition to Coinbase Ventures, the seed round was joined by Firebolt Ventures, Humla Ventures and Strategic Cyber Ventures, along with other investors and angels. Sivar is built around Modveon’s Verified Operating System, which combines verified identity, trusted connections, communities, payments and AI-powered services. Salvadoran users can verify their accounts using their national identity card, join communities based on geography or interests, follow official government announcements and participate in live discussions and town halls, the company stated. Sivar als...