According to CoinMeta, the Bitcoin Office of El Salvador denies that the government supports the launch of a stablecoin application named Sivar, stating that the government has no plans to launch or operate any Bitcoin, cryptocurrency, or stablecoin wallets. Coinbase announced that Sivar is launched by Modveon and uses Coinbase infrastructure to process remittances between the United States and El Salvador. Transfers are settled in stablecoins on Base with a fixed fee of $2, and withdrawals can be made at over 1,000 locations in El Salvador. Coinbase claims that more than 25,000 Salvadorans have registered before its launch. The Bitcoin Office of El Salvador stated that after selling Chivo Wallet to private operators, the government officially ended all involvement and referred to related reports by Bloomberg as “fake news.”