Tether launched the MXNT stablecoin pegged to the Mexican Peso on Ethereum, Tron and Polygon networks
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Tether Operations Limited announced the launch of MXNT Tether tokens pegged to the Mexican Peso on Thursday. It is the company behind the largest stablecoin, Tether (USDT), by market capitalisation.
MXNT will be officially launched on Polygon, Ethereum, and Tron networks. Tether believes that a digital Peso like MXNT will be extremely beneficial to Mexico's remittance industry. MXNT is pegged 1:1 to the Mexican Peso. This means that each MXNT token carries a value equivalent to one Peso.
Tether believes that there is a distinct opportunity to offer a less expensive alternative for asset transfer in the Mexican region. The company cited that 40 percent of Mexican companies want to ‘adopt blockchain and cryptocurrencies in some form,’ which shows that blockchain and crypto demand amongst Mexican corporations is rising.
Paolo Ardoino, Tether’s chief technology officer, said, “We have seen a rise in cryptocurrency usage in Latin America over the last year, making it apparent that we need to expand our offerings. MXNT can minimise volatility for those looking to convert their assets and investments from fiat to digital currencies.â€
Furthermore, the company mentioned that the “multibillion-dollar flow of remittances into Mexico, as well as the difficulties associated with money transfers, have created a once-in-a-lifetime opportunity for stablecoin usage and adoption." The stablecoin issuer company added, "the creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers."