Tether introduces a new stablecoin pegged 1:1 to the Mexican peso.
On May 26, Tether announced that it would make its entrance into Latin America while initiating a new Mexican peso-pegged stablecoin named MXNT. This marks the token as the fourth fiat-pegged stablecoin in Tether’s roster, following euro-pegged EURT, dollar-pegged USDT, and the offshore Chinese yuan-pegged CNHT.
On top of that, Tether (USDT) added that the stablecoin will be accessible on Tron (TRX), Polygon (MATIC), and Ethereum (ETH) blockchains.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Paolo Ardoino, CTO of Tether, has suggested that such a decision to launch the initiative was made due to the massive surge of crypto use in Latin America. Ardoino additionally implied that the traders wishing to shift their digital assets and investments from fiat to digital currencies will benefit from MXNT’s low volatility.
“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 in particular Mexico.”
According to the statistics that reflect crypto and blockchain interest among various enterprises in Mexico, Tether claims that there is a great possibility to provide a more less-hurtful option money-wise for asset transfer within the area.
On top of that, Tether suggested that the introduction of MXNT to Latin America will provide ground for enrolling new users while additionally making room for more fiat-pegged stablecoins in the area.
Even though Tether’s supply has fallen by more than $15B in the last month, Ardoino stays hopeful and states that “we should underline the fact that Tether did not lose its peg and the ease in which Tether allows traders to perform redemptions.”
Earlier this month, the blockchain-enabled platform announced that it would transfer $1 billion USDT to Ethereum (ETH) and $20 million USDT to Avalanche.
Moreover, Tether stated that its commercial paper holdings declined by 17%, from around $24B to $20B, over the Q1 of 2022.
