According to CoinMeta, the Salvadoran government has collaborated with startup Modveon to launch a national remittance application called Sivar. This application charges a fixed fee of $2 from U.S. residents, allowing them to send money to verified Salvadorans. The funds are transferred in the form of stablecoins through Coinbase's blockchain. Modveon has signed a five-year agreement with the Salvadoran public institution AAB to be responsible for the development and daily operation of the application. AAB is also one of the investors in Modveon. The company first announced in February that it had raised $10 million in funding, with investors including Coinbase Ventures and Firebolt Ventures. According to Coinbase, the payments are processed entirely by Sivar's infrastructure. Users receive non-hosted wallets within the application, and recipients can withdraw cash at over 1,000 locations in El Salvador. Last year, the total amount of remittances sent to El Salvador was approximately $9 billion, of which about 92% came from the United States.