Tether launches a stablecoin pegged to Pesos on Ethereum, Tron and Polygon
Tether launched the MXNT stablecoin pegged to the Mexican Peso on Ethereum, Tron and Polygon networks
By Shashank Bhardwaj
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.”
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."
It is noteworthy that many regulators continue to be skeptical of stablecoins despite their increased use cases. This is because many stablecoins have shown lesser reliability than their advertisements promised. U.S. Secretary of the Treasury Janet Yellen testified before the Senate Banking Committee on May 10 that ‘Stablecoins pose risks to financial stability.’
She went on to say that it was ‘urgent’ for Congress to pass new legislation governing stablecoins. For instance, the peg of the UST stablecoin by TerraUSD was guaranteed by a complex self-executing algorithm rather than actual cash reserves. However, it reportedly lost its peg earlier this month and collapsed dramatically.
Earlier in May, USDT by Tether began to show signs of stress as well. It was trading below $0.99 on several major cryptocurrency exchanges. However, Tether's chief technology officer, Paolo Ardoino, assured the crypto community that 300 million USDT tokens could be redeemed in a single day ‘without breaking a sweat.’ The company announced the transfer of $1 billion USDT from Tron's blockchain to Ethereum and Avalanche (AVAX) on the same day. The chain swap was announced amid market panic caused by the collapse of TerraUSD's UST.
Further, just last week, Tether reported that it had reduced its commercial paper holdings in order to emphasise ‘that Tether is fully backed and that the composition of its reserves is strong, conservative, and liquid,’ as Ardoino explained.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Ridley Scott to Make a Movie on EthereumRead More..
Russia to include cryptocurrencies in its updated tax lawsRead More..
40 crypto companies sign open letter to EU regulatorsRead More..
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Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..