Tether launches a Mexican peso stablecoin, the MXN₮.

    • Tether launched MXN₮, which is pegged to the Mexican peso.
    • MXN₮ will now join other fiat-based stablecoins such as USDT, EURT, and CNHT.
    • Tether also plans to launch other stablecoins based on fiat currencies from other Latin American countries.

Stablecoin company Tether has announced the launch of its brand new stablecoin MXN₮. This stablecoin is pegged to the Mexican peso, and will join Tether’s other existing fiat-based stablecoins USDT, EURT, and CNHT.

According to Tether’s press release, the move marks the company’s foray into Latin America. It will also become the “testing ground” for welcoming new users to said market.

CEO Paolo Ardoino said:

We have seen an increase in the use of cryptocurrencies in Latin America over the past year, which has made the need to expand our offering clear.

The company also mentioned the motivation for launching MXNT, which is that 40% of Mexican businesses are interested in adopting blockchain technology and cryptocurrencies. Fees for cross-border remittances were also another concern, and the company hopes to drastically reduce costs with the introduction of the Mexican peso stablecoin.

“The introduction of a peso-linked stablecoin will provide a store of value for those in emerging markets and particularly in Mexico,” Ardoino added. “MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat currency to digital currencies. »

MXN₮ will also become a pilot stablecoin in Latin America, as Tether plans to launch other stablecoins pegged to national currencies of other countries in the said region soon.

Apart from fiat-based stablecoins, Tether also offers Tether Gold, which is pegged to said precious metal.

In other news, Terra has announced that its upcoming LUNA 2.0 blockchain will remove the algorithmic stablecoin from its ecosystem.

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