Tether launched a New stablecoin linked to the Mexican Peso solidifying its place in Latin America. MXNT will be available on Ethereum, Tron and Polygon as stated by the Blockchain company. Tether will now have 4 fiat-pegged stablecoins.
“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,” Paolo Ardoino, CTO of Tether, said in a statement. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”
The launch of MXNT is meant to provide a testing atmosphere for onboarding users in Latin America and therefore pave the way for more fiat-pegged stablecoins in the region.
Out of its stablecoins, Tether’s USD stablecoin is the most popular despite seeing massive redemptions over the panic caused by the collapse of TerraUSD, another of Tethers stablecoins. USDT remains the biggest stablecoin in the world. Tether remains optimistic, Adroino stating,
“We should underline the fact that Tether did not lose its peg and the ease in which Tether allows traders to perform redemptions.”