Yemen Update: RIALx Stablecoins Retirement

BABB
3 min readSep 19, 2023

At Babb, we’re always on a journey of enhancement, ensuring that our users experience the best in fintech solutions. It’s with this ethos of betterment that we’ve reached a decision regarding our CurrencyX suite. RIALxA and RIALxS, our bespoke stablecoins tailored for the Yemen market, will be stepping down.

Hold on! Before any alarms start ringing, let us assure you — this transition is a stepping stone to even greater financial solutions.

A New Phase in the Babb Journey

CurrencyX has always stood as a beacon for frictionless, hassle-free P2P transfers and exchanges. The power of the CurrencyX™ bundle of stablecoins was to offer a robust way for remittances with low fees. Pegged to their respective FIAT currencies, these stablecoins ensured users could seamlessly transact, whether it was sending, receiving, topping up, or withdrawing.

Now, as we bid adieu to RIALxA and RIALxS, here’s what you need to know and how it affects your holdings:

  • Our primary focus is your convenience. Convert your RIALxA and RIALxS assets to USDx. It’s swift, secure, and keeps you on top of your finance game.
  • If your holdings in RIALxA or RIALxS equal or surpass 15 USDx, you can effortlessly carry out the conversion using the BABB App. For those with balances below 15 USDx, drop an email to support@getbabb.com, and our team will guide you.
  • As always, we’ve got you covered. We promise timely communications through our regular social channels, ensuring you’re well-informed.
  • Change, as they say, is the only constant. We see this update as a push towards broader horizons, where we can unlock even more value for our users.

🗓️ Remember, after 30th September 2023, 23:59:59 UTC, all RIALxS and RIALxA assets will automatically be converted into USDx. So, take action and stay ahead.

Enhanced Financial Experiences

This change allows us to focus on offering better P2P experiences, with minimal internal exchange fees and a plethora of possibilities. Remember, with BABB, it’s always about moving forward, about creating a world of seamless financial transactions.

As we traverse this new path, we want to express our gratitude for your unwavering support. Together, we continue to craft an inclusive, innovative financial landscape.

Convert Now

Join us in this next chapter, as you level up your financial journey with BABB! If you have questions, concerns, or simply need a walkthrough, our team is just an email away.

Here’s to new beginnings! 🍻

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Disclaimer: The risk of loss in trading or holding Digital Currencies and Cryptocurrencies can be substantial. As with any asset, the value of cryptocurrencies can go up or down (and can even drop to zero), may be very volatile and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies and cryptocurrencies. Cryptocurrency services are not currently regulated by the Financial Conduct Authority or any other regulator in the UK. You should carefully consider whether trading or holding digital currencies or cryptocurrencies is suitable for you in light of your own financial situation and attitude to risk, as evaluated by you carefully. We do not make any representations or recommendations regarding the advisability or otherwise of trading in digital currencies and cryptocurrencies or any particular transaction.

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BABB

Babb aims to deliver accessible, secure, convenient and cost-effective mobile banking services designed to serve the global microeconomy — https://getbabb.com