Tether has announced the launch a new stablecoin type, backed by Mexico’s national currency. MXNT will initially be available on three major blockchains: Ethereum, Tron and Polygon.
A press release, dated May 26, stated that the new stablecoin would join Tether’s expanding product line. It now includes four fiat currency-pegged assets. The firm previously launched USDT (pegged at the US dollar), EURT, and off-shore CNHT, all of which were pegged to the euro. Mexico is a rapidly growing market for cryptocurrency adoption. This is why Tether decided to tap Mexico’s national currency to create its next stablecoin.
The PR states that “the multibillion-dollar flow in remittances to Mexico and the difficulties associated with money transfers have created an unique opportunity for stablecoin use and adoption.”
MXNT, which was launched on Ethereum, Tron and Polygon, was “built by Tether USDT’s trusted team of developers” and is pegged 1:1 with the Mexican peso.
“Introducing a peso pegged stablecoin will offer a store-of-value for those in emerging markets, and in particular Mexico. MXNT is a stablecoin that can reduce volatility for investors and those who want to convert assets from fiat currencies to digital currencies. Tether customers will enjoy the same transparent customer experience in this new market.” – stated Paolo Ardoino, Tether CTO.
Talking about transparency, Tether released an earlier month report after years of community criticism. It indicated that USDT was a fully backed stablecoin. Tether also published a gold-backed asset (XAUt), on Tron and Ethereum in 2021.
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