Tether Operations Limited, the blockchain startup behind the USDT stablecoin, has announced its entry into Latin America with the launch of the Mexican Pesos backed MXN stablecoin.
According to the company, the new stablecoin will be pegged to the Mexican Pesos on a 1:1 ratio and supported on three networks, including the Ethereum, Tron, and Polygon protocols. The company hopes that with the launch of the new token, the bulk of the cross-border transactions or remittances to Mexico can be taken on-chain, thus cutting transfer speed and fees, respectively.
“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,” said Paolo Ardoino, CTO of Tether. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXN can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies....
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