Tether launched a new stablecoin pegged to the Mexican peso

Tether launched its fourth stablecoin called MXNT, linked to Mexico’s legal tender, the peso, with the purpose of providing users with a “reserve of value” for new markets in Mexico.

Through a press release, the firm explained that among the reasons that motivated the creation of the new stablecoin MXNT was the use of digital assets in the Central American country, “the multimillion-dollar flow of remittances to Mexico and the difficulties involved with transfers of money“.

According to Tether CTO Paolo Ardoino, “The introduction of 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 currency to digital currency.”

Users of the new currency will be able to acquire it through the Ethereum, Polygon and Tron blockchains and will benefit from the experience and transparency offered by blockchain technology.

Ardoino expressed that the increase in the use of cryptocurrencies in Latin America prompted the decision to expand, and indicated that this fact will set a precedent for the launch of other stablecoins backed by Mexican pesos.

The new token will have the ticker MXNT. The firm already has three stablecoins in the crypto market with fiat parity, the USDT, backed to the US dollar, EURT to the euro, and CNHT to Chinese yuan. Also, last year it launched XAUt, backed by gold.

M. Rodríguez

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Source: ambito.com