Tether launches MXNT stablecoin pegged to the Mexican peso

Tether, the issuer of the largest-stablecoin by market capitalization, launched the MXNT stablecoin pegged to the Mexican peso.

Tether Launches MXN₮
Tether Tokens Pegged To the Mexican Peso 🇲🇽

Read the full press release ⬇️https://t.co/o732RTxc7T pic.twitter.com/fT1srEgeed

— Tether (@Tether_to) May 26, 2022

Initially, the asset is available on the Ethereum, Tron and Polygon networks. This is the company’s fourth fiat-pegged stablecoin, after USDT (US dollar), EURT (euro) and CNHT (yuan).

“Over the past year, we have seen growth in cryptocurrency usage in Latin America, which has made evident the need to expand our offering. The introduction of a peso-pegged stablecoin will preserve value for those operating in developing markets, particularly in Mexico,” said Paolo Ardoino, Tether’s chief technology officer.

The company noted that 40% of Mexican firms, in one form or another, are looking to adopt blockchain and cryptocurrencies. A multi-billion-dollar inflow of remittances from the United States is also contributing to demand for stablecoins, according to Tether.

“The addition of MXNT represents an important milestone for the company, as it marks its entry into digital currency in Latin America,” the firm said.

As of writing, the circulating supply of USDT достигло $73.4 billion. The EURT market capitalization is €241.6 million, and that of CNHT is ¥20.5 million.

In May, USDT holders moved more than $10 billion into fiat amid the collapse of Terra project assets.