HomeAltcoinTether's MXNT stablecoin is based on the Mexican peso (MXN)

Tether’s MXNT stablecoin is based on the Mexican peso (MXN)

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Since the collapse of Terra’s UST, stablecoins have been at the center of all talks. And, despite being shaken by a tsunami of uncertainty for a short time, Tether continues to project itself forward. It just announced the launch of MXNT, a stablecoin based on the Mexican peso. We examine this visitor in greater detail.

This launch, which was announced just yesterday, allows the corporation to expand its stablecoin offering. The MXNT, which is backed by the Mexican peso, joins Tether’s other three assets. That is, in addition to the USDT, which has a market capitalization of 73 billion dollars, there is also the EURT for the euro and the CNHT for the yuan, both of which are significantly smaller.

The MXNT token from Tether will be available on Ethereum (ETH), Tron (TRX), and Polygon (MATIC). However, according to the press release, this is simply an “initial” launch, and that other blockchain may follow.

Tether makes no mention of how the MXNT will be backed. As a reminder, the issue of assets backing USDT is at the center of numerous discussions in the crypto community

A logical expansion in Latin America?

Latin America has been positioning itself as a hub of cryptocurrency adoption since last year. According to Tripe, A research referenced by Tether, 40 percent of Mexican businesses want to use blockchain and cryptocurrency. Targeted are international transfers in particular.

Tether’s technical director, Paolo Aordino, likewise emphasizes the importance of local anchoring:

“  We have seen a surge in the use of cryptocurrencies in Latin America over the past year, which has made it apparent that we need to expand our offerings. The introduction of a peso-backed stablecoin will provide a store of value for participants in emerging markets , and Mexico in particular.  »

 

Tether also confirmed that MXNT will be the first of a series of stablecoins that will be compatible with a variety of fiat currencies in the region.

 

 

 

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