Cryptocurrency News

Tether Launches Mexican Peso-Pegged Stablecoin as Response to Growing Crypto Usage in Latin America

By May 27, 2022 No Comments

Key takeaways:

  • Tether Operations Limited (“Tether”) has launched a Mexican Peso-pegged stablecoin called Tether MXNt (MXNT)
  • The new fiat-pegged crypto joins Tether’s existing offering of Euro, US Dollar, and Chinese Yuan-pegged stablecoins
  • The company has said that the launch of MXNT comes as a response to a growing rate of cryptocurrency users in Latin America

Tether MXN joins Euro, US dollar, and Chinese Yuan-pegged stablecoins

On Thursday, Tether Operations Limited, the company behind the leading stablecoin Tether (USDT), announced the launch of Tether MXNt (MXNT). According to the company’s press release, the new fiat-pegged stable digital currency was launched in response to a growing cryptocurrency usage across Latin America.

The new stablecoin joins Tether’s existing offering of fiat-pegged digital currencies, including the U.S. dollar-pegged USDT, the Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT. It is worth noting that USDT sports by far the largest market cap out of the stablecoin trio – more than $80 billion at press time. EURT and CNHT collectively have a market cap of roughly $45 million.

Tether CTO Paolo Ardoino had this to say about the launch of the new stablecoin:

“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.”

Ardoino added that the move to launch a Peso-based stable currency has been made apparent over the last year, due to a “rise in cryptocurrency usage” in the region. Countries like Mexico, Brazil, Colombia, and Venezuela are home to some of the largest populations of crypto owners according to the per capita numbers curated by Triple-A.

Tether’s MXNT is currently available to users of Ethereum, Tron, and Polygon blockchain platforms.