Tether's MXNT Mexican Peso Pegged Stablecoin

Tether has launched a new Mexican peso-pegged stablecoin, marking its entrance into Latin America. 

Dubbed MXNT, the stablecoin will initially be available on the Ethereum, Tron, and Polygon blockchains, Tether said today. 

This is Tether's fourth fiat-pegged stablecoin, after US dollar-pegged USDT, Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT.

"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," Paolo Ardoino, CTO of Tether, said in a statement. "Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico."  Continue reading from The Block Crypto

What Is Tether MXNT?

MXNT is the latest fiat-pegged token by Tether that will offer a cheaper and more efficient alternative to bank transfers in North and Central America.

Tether’s move into Latin America follows the trend of the pro-crypto movement in developing economies.

Despite the recent issues with stablecoins, Tether has expanded its operations in the Americas with a dedicated digital currency, saying: “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."

MXNT is a stable digital asset that is pegged 1:1 to the Mexican Peso. MXNT was built by the trusted team of developers behind Tether USD₮ and it operates under tether.io.

The initial blockchain support will include Ethereum, Tron, and Polygon.

MXNT will join three other fiat-currency-pegged tokens Tether has in the market: the U.S. dollar-pegged USDT, the Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT.

Coinmarketcap MXNT chart and token info

In the announcement published by Tether, the following information about the new stablecoin has been given :

- The company believes that the digital peso will be highly advantageous for Mexico’s remittance sector.

- The usage and adoption of stablecoins are much needed and would gain momentum in Mexico, where there is an influx of multi-million dollars of remittances annually and various difficulties involved with money transfers.

- The development of MXNT will place Mexican Pesos on the blockchain network and enable a faster, less costly, and fairly transparent option for asset transfer.

- The advent of a peso-pegged stablecoin will give a store of value for those in emerging markets and particularly Mexico.

- MXNT can also help minimize volatility for those looking for opportunities to invest in crypto assets by converting their physical assets and investments into digital currencies.

- The other stablecoins offered by Tether are USDT, which is pegged to the US dollar, EURT, pegged to the euro, CNHT, an offshore Chinese yuan-pegged token, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

- The CTO of Tether, Paolo Ardoino, explained that according to the data from a cryptocurrency payment accompany, TripleA 40 percent of Mexican companies are willing to adopt blockchain and cryptocurrencies in some form and making Mexico the next Latin American crypto hub after El Salvador.

- Ardoino said that there has been a surge in cryptocurrency usage in Latin America since last year, which led the company to expand its services to the country.

- The trade volume of USDT which is the top pair with bitcoin is currently $75.68 billion and is at 3rd rank according to coinmarketcap.com.  -Visit source