Tether Organization Announces Launch of Mexican Peso-pegged Stablecoin, MXNT


Tether is known in the cryptocurrency market as the creator of USDT. It has launched a new stablecoin variant called MXNT. Its peculiarity is that its value depends on the Mexican peso. It will be available for transfers within the ETH, Tron and Polygon blockchains.

The developer company refers to research conducted by the organization Triple A, which provides the development of efficient payments in digital assets, based on its analytics, it can be said that approximately forty percent of companies in Mexico want to use the blockchain system and cryptocurrencies for business. This led Tether to conclude that the Latin countries, and in this case, Mexico, could be an excellent platform for integrating, promoting and using stablecoins. Especially the guarantee of popularity is given by problems with transactions within the country.

MXNT will be pegged to the national currency at one dollar per peso. This cryptocurrency asset was developed by the same people who create USDT. With the help of MXNT, owners will be able to realize transactions of the national currency into coins at minimal cost, which will have an additional assessment in dollar terms.

“Throughout the year, we have been monitoring the growing demand for digital coins in Mexico. This gave us the confidence to decide on the implementation of developments in Latin American countries. The MXNT stablecoin can significantly reduce the level of volatility for anyone who seeks to obtain the most transparent conversion of their own finances into cryptocurrency.”

In 2016, the organization introduced the EURT coin. It was collateralized in euros and ran on the Bitcoin blockchain. Already in 2019, the CNHT cryptocurrency was released on the Ethereum platform, pegged to the yuan. If we talk about USDT, the tone at the end of May 2022, the size of its market capitalization was approximately 73.2 billion US dollars.

Not so long ago, Ardoino said that the world of digital funds in central banks cannot be moved from the position of stablecoins, but at the same time they can replace payment services in the form of SWIFT.