The new token from Tether — MXN₮ — will be pegged to the Mexican Peso. Initially, the stablecoin will support the Ethereum, Tron and Polygon blockchains.
Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. On May 26, the announcement of the launch of a new MXN token appeared on the company’s website. This token will be linked to the Mexican peso and will become the fourth stablecoin from Tether. There are three other fiat-currency pegged tokens Tether has on the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, and the offshore Chinese Yuan-pegged CNH₮.
The MXN₮ token will support Ethereum, Tron, and Polygon blockchains. Judging by the announcement, the token was launched because 40% of Mexican companies (according to Triple A) seek to implement blockchain and cryptocurrencies in order to make Mexico a great place for the next Latin American crypto centre.
«The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption. The creation of MXN₮ puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.»
MXN₮ is a stable digital asset pegged to the Mexican peso in a ratio of 1:1. MXN₮ was created by the Tether USD₮ development team and operates under tether.to .
“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. 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. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.” — Paolo Ardoino, CTO of Tether.
The launch of MXN₮ is a very significant event. Now most of the stablecoins are pegged to the dollar, so a token pegged to the peso is another step towards the spread of cryptocurrencies in the world. I congratulate Tether on the successful launch of MXN₮ and continue to observe.