Tether launches Mexican Peso-linked stablecoin, MXNT
The Tether organisation already runs USDT, a stablecoin with a peg to the US Dollar, with the third largest market capitalisation in the world.
Stablecoin giant Tether has launched its latest coin MXNT, pegged to the Mexican Peso. The move is seen as an attempt to enter the under-tapped crypto market in Latin America.
The company had previously released stablecoins pegged to the US Dollar (USDT), the Euro (EURT), and the Chinese Yuan (CNHT).
According to , Tether sees Mexico as "a prime location for the next Latin American crypto hub.” Referring to an earlier report by Triple A, it stated that over 40 percent of Mexican firms are interested in adopting blockchain technology or crypto in some way.
“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 Tether CTO Paolo Ardoino to CoinDesk. They see MXNT as a testing ground for future fiat-pegged tokens linked to South American currencies.
Tether also sees the remittance market as a huge opportunity in Mexico. In 2021, Mexico saw the third largest remittance payments in the world after China and India.
In a country with less stringent crypto regulations, remittances could become a major use case for those who wish to lose less money in international money transfers.
