- Tether has launched MXN₮, which is pegged to the Mexican peso.
- MXN₮ will now join other fiat-based stablecoins such as USDT, EURT, and CNHT.
- Tether is also planning to launch other stablecoins based on fiat currencies of other countries in Latin America.
Stablecoin company Tether has announced the launching of its newest stablecoin MXN₮. This stablecoin is pegged to the Mexican peso, and will join other existing Tether fiat-based stablecoins USDT, EURT, and CNHT.
According to Tether’s press release, this move marks the company’s foray into Latin America. This will also become the “testing ground” for welcoming new users in the said market.
CEO Paolo Ardoino said:
We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings.
The company also mentioned the motivation for the MXNT launching, which is the fact that 40% of Mexican firms are interested in adopting blockchain technology and cryptocurrencies. Fees for cross-border remittances were also another concern, and the company hopes to drastically reduce the costs with the introduction of the Mexican peso stablecoin.
“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico,” added Ardoino. “MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.”
MXN₮ will also become a pilot stablecoin in Latin America, as Tether is planning to launch other stablecoins pegged to the national currencies of other countries in the said region soon.
Aside from fiat-based stablecoins, Tether also offers Tether Gold, which is pegged to the said precious metal.
In other news, Terra announced that its upcoming LUNA 2.0 blockchain will be removing the algorithmic stablecoin from its ecosystem.