Tether launches stablecoin pegged to Mexican peso

Tether, the issuer of the largest USDT stablecoin by capitalization, has launched the MXNT "stablecoin" withpeg to the Mexican peso.

Initially, the asset is available on the Ethereum, Tron and Polygon networks. It is the company's fourth fiat-pegged stablecoin after USDT (US dollar), EURT (euro) and CNHT (yuan).

"Over the past year, we have seen an increase in the use of cryptocurrencies in Latin America, which has made it clear that we need to expand our offering.The introduction of a peso-pegged stablecoin will ensure the preservation of value for those who workin emerging markets, particularly Mexico," said the CTOTether by Paolo Ardoino.

The company noted that 40% of Mexican firms inIn one form or another, they seek to introduce blockchain and cryptocurrencies. The growth in demand for a stablecoin is also facilitated by the multibillion-dollar flow of transfers to the country from the United States, according to Tether.

"The addition of MXNT is an important milestone for the company as it marksentering Latin America with digital currency," the firm said in a statement.

At the time of writing, the USDT market supply has reached $73.4 billion. EURT has a capitalization of €241.6 million and CNHT has a capitalization of ¥20.5 million.

Recall that in May, USDT holders withdrew more than $10 billion into fiat against the backdrop of the collapse of the assets of the Terra project.