JAKARTA – Developer Tether (USDT) is reportedly launching another stablecoin whose price is pegged to the Mexican Peso. Tether Limited plans to issue the MXNT stablecoin.
The new stablecoin will be used in Mexico. Citing data from crypto payments firm TripleA, Tether said that the use of digital assets in Mexico is increasing, creating demand for stablecoins like MXNT.
“Forty percent of Mexican companies want to adopt blockchain and cryptocurrencies in some form making Mexico a prime location for Latin America's next crypto hub,” the report states.
“The flow of billions of dollars in remittances to Mexico and the difficulties associated with money transfers have created unique opportunities for the use and adoption of stablecoins. The creation of the MXNT puts the Mexican Peso on the blockchain and provides a faster and cheaper option for asset transfers.”
Initially, the new token will have the backing of leading smart contract platform Ethereum (ETH) and rival blockchains Tron (TRX) and Polygon (MATIC).
MXNT will join Tether Limited's repertoire of fiat-pegged currencies that includes Tether itself, Euro-pegged Euro Tether (EURT) and Chinese Yuan-pegged CNHT.
“We have seen an increase in the use of cryptocurrencies in Latin America over the past year which makes it clear that we need to expand our offering. Introducing a Peso-pegged stablecoin will provide a store of value for those in emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currency,” said Paolo Ardoino, CTO of Tether.
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