Tether Issues a Stablecoin Pegged to Mexican Peso

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Tether, the issuer of USDT, the largest stablecoin by market cap, has launched the MXNT stablecoin, which is pegged to the Mexican peso.

The asset, which is the company’s fourth stablecoin pegged to fiat currencies, will initially be available on the Ethereum, Tron and Polygon networks.

Tether CTO Paolo Ardoino has commeted:

“Over the past year, we have seen an increase in the use of cryptocurrencies in Latin America, which has made it clear that we need to expand our offering. 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.”

The company has noted 40% of Mexican firms in one form or another seek to implement blockchain and cryptocurrencies. According to Tether, the growth in demand for the stablecoin is also facilitated by the multibillion-dollar flow of transfers to the country from the United States.