Tether has launched a stablecoin pegged to the Mexican peso $MXNT

Tether has launched a stablecoin pegged to the Mexican peso $MXNT

Tether announced the launch of a new stablecoin dubbed $MXNT, which will be tied to the Mexican Peso, in a statement made earlier today. After the debut of $USDT, Euro pegged $EURT, and Chinese Yuan pegged $CNHT, this will be Tether’s fourth stablecoin.

The new stablecoin $MXNT will apparently target the Latin American market, leveraging the disparity between multibillion-dollar remittance flows and the obstacles associated with money transmission as a foundation to extend its use cases.

“According to data from Triple-A, The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” the statement adds.

Tether adds that 40% of Mexican companies are interested in researching cryptocurrencies and blockchain in some form, citing statistics from crypto payments provider Triple-A, making Mexico a great location for such crypto transactions.

Cryptocurrencies are developing at a quick pace in Mexico, according to Triple-A statistics, with over 2.5% of the population possessing cryptocurrencies in some form. Bitso, Mexico’s top crypto exchange, has previously announced a 342% growth in trading volume (2020), illustrating the region’s growing interest in cryptocurrencies.

“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…Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and particularly Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience,” Tether’s CTO said.

Tether, which was launched in 2014 and has a market value of about $80.46 billion, is one of the most significant stablecoins to date.

The MXNT stablecoin will be the company’s first venture into the Latin American market, and it will be available on the Ethereum, Polygon, and Tron blockchains at beginning.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News