Tether, the issuer of the largest USDT stablecoin by capitalization, has launched MXNT, a “stable coin” pegged to the Mexican peso.
The asset is initially available on Ethereum, Tron and Polygon networks. It is the company’s fourth stablecoin pegged to fiat currencies after USDT (U.S. dollar), EURT (euro) and CNHT (yuan).
“Over the past year we have seen an increase in the use of cryptocurrencies in Latin America, which has made the need to expand our offering clear. The introduction of a stable peso-linked coin will ensure that value is maintained for those in emerging markets, particularly Mexico,” said Tether CTO Paolo Ardoino.
The company noted that 40% of Mexican firms are seeking to adopt blockchain and cryptocurrencies in one form or another. The multi-billion-dollar flow of transfers into the country from the U.S. is also contributing to the growth in demand for stablcoin, Tether believes.
“The addition of MXNT is an important milestone for the company, as it marks an entry into Latin America with the digital currency,” the firm said in a statement.
Recall that Tether has paused the release of new tokens.