Tether Operations Limited announced that the stablecoin-issuer Tether Operations Limited had launched a fiat pegged token, tied to Mexico’s peso value. The team claims that the MXNT tokens, which were just launched, will initially be hosted on Ethereum and Polygon.
MXNT Stablecoin is Pegged 1:1 to Mexican Peso
The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether’s MXNT stablecoin has been launched. It is pegged at the Mexican peso value.
Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company offers CNHT, an off-shore Chinese yuan-pegged coin, as well as tether gold XAUT which is a token pegged at the one-ounce value of fine gold.
MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” Tether’s announcement on Thursday details. It added:
MXNT is a Mexican Peso that has been put on blockchains. It offers a quicker and cheaper option to transfer assets.
Tether USDT, currently valued at $73.2 billion, is today’s largest stablecoin. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.
Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trade volumes. Tether says the launch of MXNT will be a “testing ground for onboarding new users in the Latin American market.”
Tether’s CTO Paolo Ardoino explained that digital currencies have been growing in Latin America during the announcement. “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,” Ardoino said in a note sent to Bitcoin.com News.
Tether CTO was continued
A Peso-pegged stablecoin can be introduced to provide value storage for people in emerging markets, in particular Mexico. MXNT will reduce volatility for investors and those who want to change their investments or assets from fiat currency to digital currencies.
Just recently, Tether published the firm’s USDT May 2022 assurance report after the recent Terra blockchain UST fallout. Circle, the USDC stablecoin issuer released its May assurance report. It also recently announced plans to post USDC attestation reporting on a weekly schedule.
Is Tether, the stablecoin issuance company, considering launching a token that is pegged to Mexico’s peso. Comment below and let us know how you feel about the subject.
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