The company behind the tether.to platform enters the Latin American market with a new currency pegged to the Mexican peso
TetherUSDT, the company that operates the blockchain-enabled platform tether.to
Launch of MXNT, a stablecoin pegged to the Mexican peso.
The MXNT token will initially support Ethereum, Tron and Polygon.
MXNT will join three other fiat-pegged tokens on the Tether market: USDT is pegged to the U.S. dollar, EURT is pegged to the euro, and CNHT is pegged to the external Chinese yuan.
According to cryptocurrency payments firm Triple A, 40 percent of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form, making Mexico a prime location for Latin America’s next crypto hub.
Remittance difficulties prompt the launch of stablecoins
The flow of millions of dollars in remittances into Mexico and the difficulties involved in remittances have created opportunities for stablecoin use and adoption.
According to a statement released by the company, the creation of MXNT puts the Mexican peso on the blockchain and provides a faster and cheaper option for asset transfers.
Paolo Ardoino, CTO of Tether, said: “Last year, we saw an increase in the use of cryptocurrencies in Latin America, which clearly shows that we need to expand our product range.”
“The introduction of peso-pegged stablecoins will provide a store of value for people in emerging markets, especially Mexico. For those looking to convert their assets and investments from fiat to digital, MXNT can minimize volatility In this new market, Tether customers will be able to benefit from the same seamless customer experience.”
According to the company, the launch of MXNT will provide a testing ground for the onboarding of new users in the Latin American market and will pave the way for future flat currency launches in the region.