Modveon launched Sivar on Sept. 29, offering eligible U.S. users stablecoin-based remittances to verified recipients in El Salvador through Coinbase infrastructure. Transfers cost a fixed $2 regardless of amount, settle in stablecoins on Base and can be converted to cash at more than 1,000 locations nationwide. Users fund transfers by debit card through Coinbase Onramp and receive non-custodial wallets within the application, while Coinbase APIs support transfers between verified users. More than 25,000 Salvadorans registered before launch. The service enters a remittance market in which roughly $9 billion reached El Salvador in 2025, about 92% from the U.S., and an estimated 1.6 million people depend on the flows. El Salvador's Bitcoin Office has denied that the government plans to launch or operate Sivar or any Bitcoin, cryptocurrency or stablecoin wallet, contradicting earlier reporting of a five-year agreement between Modveon and Salvadoran public institution AAB. MoneyGram has also expanded USDC-based balances into El Salvador, while Tether moved its headquarters to the country in 2025. Bitcoin remains part of El Salvador's reserve, education and branding strategy, although IMF-linked reforms ended mandatory private-sector acceptance and restricted public accumulation.