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Tether, the issuer of the USDT stablecoin, has launched a new stablecoin, MXNT, pegged to the Mexican peso. It can be moved on the Ethereum, Tron and Polygon blockchains.
Tetherrefers to research by cryptocurrency payments company Triple A. According to the study, 40% of Mexican organizations are ready to implement blockchain and cryptocurrencies in business processes. Therefore, Tether management believes that Mexico will be a good springboard for the use of stablecoins, given the difficulties associated with remittances in the country.
MXNT will be pegged to the Mexican peso inratio 1:1. This stablecoin was created by a team of developers who once worked on USDT. With the help of MXNT, users will be able to transfer assets valued in US dollars into pesos at the lowest cost, Tether assures.
“Over the last year there has been an increasepopularity of cryptocurrencies in Latin America, we have decided to expand our offerings in Latin American countries. MXNT can reduce volatility risks for those wishing to transparently convert their fiat assets into digital currencies,” said Tether CTO Paolo Ardoino.
In 2016, Tether introducedstablecoin EURT, pegged to the euro and operating on the Bitcoin blockchain. In 2019, Tether launched a stablecoin, CNHT, backed by the Chinese yuan, on the Ethereum blockchain. As for USDT, as of May 26, 2022, its total market capitalization is approximately $73.2 billion.
</p>Ardoino recently stated that digitalCentral bank currencies will not be able to displace stablecoins, since they are based on the idea created by Tether eight years ago. However, digital currencies of central banks can become a full-fledged replacement for outdated payment services such as SWIFT, Ardoino concluded.
