Tether Launches Digital Mexican Peso

Tether launched the MXNT stablecoin pegged to the Mexican peso.

So far, the asset is available on the Ethereum, Tron, and Polygon networks. This is the fourth stablecoin issued by the company that is pegged to fiat currencies after USDT (US dollar), EURT (euro) and CNHT (yuan).

Tether CTO Paolo Ardoino noted that over the past year, demand for cryptocurrencies has increased in Latin America, which made the release of MXNT necessary.

“The introduction of a stablecoin pegged to the peso will provide a store of value for those operating in emerging markets, in particular in Mexico,” he added.

The company noted that in Mexico, approximately 40% of firms are seeking to implement blockchain and cryptocurrencies in one form or another, so the addition of MXNT is an important milestone for Tether to enter the Latin American market.

Earlier, the Governor of the Bank of Mexico, Victoria Rodriguez Ceha, said that the launch of the national digital currency (CBDC) was postponed from 2024 to 2025.

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