Tether Launches Mexican Peso-Pegged Stablecoin to Seize LATAM Opportunity

​Fazzaco learned that Stablecoin issuer Tether has strengthened its stablecoins line-up by launching its MXNT token pegged to Mexico's peso, expanding into Latin America.

According to the company, MXNT, which joins its existing pegged coins --USDT (U.S. dollar), EURT (euro), and CNHT (China's yuan), will initially be supported in the Ethereum, Tron and Polyong blockchains. 

The new token is reportedly launched to meet the growing demand of cryptocurrencies in Latin America. "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 Tether CTO Paolo Ardoino. 

"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," Paolo added.

Tether also noted that Mexico is "a prime location for the next Latin American crypto hub" and launching MXNT is a "testing ground" to "pave the way" for more fiat-pegged tokens in Latin America.

Furthermore, Mexico has became the third-largest recipient of remittances worldwide after China and India according to official data, which shows unique opportunity of cryptocurrency development in this country. To take such chance, major crypto companies like Coinbase, Bitso, and Circle has launched cryptocurrencies related services in Mexico. 

Although algorithmic stablecoin UST collapsed recently, the adoption of stablecoins in finance is still rising. Dukascopy Bank has enabled its multi-currency account (MCA) clients to deposit and withdraw Tether (USDT) directly from/to their crypto wallets, as Fazzaco reported on Wednesday.