The firm behind Tether (USDT) is adding another fiat currency-pegged token to its stable of international stablecoins.
According to a new press release, Tether Limited, the Hong Kong-based company behind the largest stablecoin by market cap, has started issuing MXNT, a new token pegged 1:1 to the Mexican Peso.
Citing data from crypto payments company TripleA, Tether says that the usage of digital assets in Mexico is ramping up, thus creating demand for a stablecoin like MXNT.
“Forty percent of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form making Mexico a prime location for the next Latin American crypto hub.
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 creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.”
Initially, the new token will have support from leading smart contract platform Ethereum (ETH) and rival blockchains Tron (TRX) and Polygon (MATIC).
MXNT will join Tether Limited’s repertoire of fiat-pegged currencies which include dollar-pegged Tether itself, Euro-pegged Euro Tether (EURT) and the Chinese Yuan-pegged CNHT.
Says Paolo Ardoino, CTO of Tether,
“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. MXNT 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.”
