Bitso Plans to Issue a Stablecoin Pegged to Mexican Peso

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Bitso Business, a branch of Mexico’s crypto exchange Bitso, plans to launch a stablecoin linked to the Mexican peso on the Ethereum layer-2 network Arbitrum.

This stablecoin, known as MXNB, will be issued and managed by Bitso’s new subsidiary, Juno, and backed completely by Mexican pesos on a one-to-one basis, as stated by Bitso Business on March 26.

Ben Reid, head of stablecoins at Bitso Business, mentioned that MXNB could facilitate foreign investment and trade in Latin American markets by providing a more “efficient way” to conduct business compared to traditional financial systems.

“Global companies encounter significant monetary challenges when entering new markets and making cross-border payments, including high intermediary fees and slow transaction times,” he explained.

Juno will operate independently from Bitso to oversee the stablecoin’s management, conducting regular audits of its reserves and providing public attestation reports on the token’s website.