Tether launches Mexican peso-pegged stablecoin

Tether.com, which powers the largest platform of more than $73 billion stablecoins on the market, today launched the Tether token (“MXN₮”), pegged to the Mexican Peso. Early blockchain support includes Ethereum, Tron, and Polygon. The MXN₮ will join three other fiat-indexed currency tokens that Tether has on the market, namely the US dollar USD₮, the Euro EUR₮, and the Chinese Yuan CNH₮.

According to data from Triple A, a cryptocurrency payment company, 40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form, making Mexico a prime location for Latin America’s next crypto hub. The multi-billion flow of remittances to Mexico and the difficulties involved in money transfers have created a unique opportunity for the use and adoption of stablecoins. The creation of MXN₮ puts dollars on the blockchain and provides a faster and less costly option for asset transfers.

MXN₮ is a stablecoin that is linked 1:1 to the Mexican Peso and is available to anyone with a cryptocurrency wallet. MXN₮ was built by the trusted team of developers behind Tether USD₮ and operates under the tether.to.

I find it very interesting that Tether is expanding into a stablecoin in Mexico, which is a big market. And who knows, soon we will not see a stablecoin with parity in the real, since Brazil is a very important market in Latin America, which is a mere importer and exporter. This would greatly help the crypto market in the region as well,” says Rocelo Lopes, founder of SmartPay. The company has the SmartPix solution, which allows you to exchange between Tether and fiat currency through an app and using Pix.

“We have seen an increase in the use of cryptocurrencies in Latin America over the last year, which has made it evident that we need to expand our offerings,” said Paolo Ardoino, CTO of Tether. “The introduction of a peso-pegged stablecoin will provide a store of value for 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 seamless customer experience.”

The addition of MXN₮ marks a milestone for the company as it marks Tether’s entry into Latin America with a dedicated digital currency. The launch of MXN₮ will provide a testing ground for new users to enter the Latin American market and pave the way for the launch of future currencies backed in the region.