Tether, the company behind the largest stablecoin USDT, has announced the launch of their new stablecoin $MXNT in Mexico.
- MXNT, will be pegged 1:1 to the Mexican Peso (US$0.051). The token will be launched initially on Ethereum, Tron, and Polygon.
- Data taken from Triple A, a cryptocurrency payments company, found that over 40% of Mexican companies are willing to adopt blockchain technology and cryptocurrencies. The research also discovered that around 2.5% of Mexicans (3.1 million) own cryptocurrency.
- MXNT joins Tethers various stablecoins including $USDT pegged to the US Dollar, $EURT pegged to the Euro, and $CHNT pegged to the Chinese Yuan.
- MXNTs launch which puts the Mexican peso on blockchains may be competing with the announcement that Mexico is launching a central bank digital currency (CBDC), which is set to be in circulation by 2025.
“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need expand our offerings, introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.”
Paolo Ardoino, CTO, Tether