Tether has launched a new Mexican peso-pegged stablecoin MXNT which marked its entrance into Latin America
Tether Releases New Stablecoin Pegged To Mexican Peso
Tether has released a new stablecoin that is tied to the Mexican peso. This is its first step into the Latin American market.
Tether said today that the stablecoin, called MXNT, will be available first on the Ethereum, Tron, and Polygon blockchains.
This is Tether’s fourth stablecoin that is tied to a fiat currency, after USDT, EURT, and CNHT, which is tied to the offshore Chinese Yuan.
“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,” Paolo Ardoino, CTO of Tether, said in a statement. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”
Test For Adding New Users In Latin America
Tether said that the launch of MXNT will be a test for adding new users in Latin America and will pave the way for more stablecoins backed by fiat currency in the region.
USDT has stablecoins that are tied to the Euro and the Yuan, but its stablecoin that is tied to the USD (USDT) is still the most popular.
Even though it has seen a lot of redemptions recently due to panic over the collapse of algorithmic stablecoin terraUSD (UST) earlier this month.
The Block’s Data Dashboard shows that USDT is still the biggest stablecoin in the world, with a total supply of over 77 billion.
But in the last month, the value of USDT has gone down massively by more than 15 billion. But Tether stays positive despite the fall.