Tether has launched a new Mexican peso-pegged stablecoin called $MXNT on the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. Marking the company’s debut in Latin America. This makes it Tether’s fourth fiat-pegged stablecoin, following the US dollar-pegged USDT, euro-pegged EURT, and offshore yuan-pegged CNHT.
GM Mexico! 🇲🇽 pic.twitter.com/nhbKhKIuk8
— Tether (@Tether_to) May 26, 2022
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, Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.
Paolo Ardoino, CTO – Tether
The Tether team believes that there is a unique opportunity for the platform to provide a cheaper option for asset transfers across Mexico, citing data that reports blockchain and crypto demand among the Mexican companies.
A recent report from Triple A reported that 40 percent of Mexican companies are interested in adopting blockchain and cryptocurrency to some extent, according to Tether, calling Mexico “a prime location for the next Latin American crypto hub”. The multi-billion-dollar business of remittances in Mexico, coupled with the difficulty of transferring money, presents an “unique opportunity,” Tether said.
The Mexican central bank reports that Mexicans living abroad sent $51.6 billion in remittances to the country in 2021, which ranked third in the world behind China and India as the third largest recipient of remittances.
