Tether Enters Latin America With Stablecoin Pegged To Mexican Peso

Tether USDT/USD, the company operating the blockchain-enabled platform tether.to today announced the launch of MXNT, a stablecoin pegged to the Mexican Peso.

 MXNT tokens will initially support Ethereum, Tron, and Polygon.

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

According to data from Triple A, a cryptocurrency payments company, 40% 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.

Difficulty in money transfers spurred stablecoin launch

The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers have created an opportunity for stablecoin usage and adoption.

The creation of MXNT puts the Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers, according to a statement issued by the company.

“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,” said Paolo Ardoino, CTO of Tether.

“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,” he added.

According to the company, the launch of MXNT will provide a testing ground for onboarding new users in the Latin American market and will pave the way for future fiat-pegged currencies in the region to be launched.

Posted In: contributorsCryptocurrencyMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.