Tether announced the launch of a new type of a stablecoin, backed by Mexico’s national currency. Initially, MXNT will be available on three main blockchains – Ethereum, Tron, and Polygon.
The press release dated May 26 informed that the new stablecoin will join Tether’s growing product line, which now consists of four fiat currency-pegged assets. Previously, the firm had launched USDT (pegged to the US dollar), EURT (by the euro), and off-shore CNHT (by the Chinese yuan).
Mexico is a growing market in terms of cryptocurrency adoption, which is why the company decided to tap the national currency for its next stablecoin.
“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.” – reads the PR.
Launched on Ethereum, Tron, and Polygon, MXNT was “built by the trusted team of developers behind Tether USDT” and is pegged 1:1 to the Mexican peso.
“Introducing a peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXNT 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.” – commented Tether CTO Paolo Ardoino.
Speaking of transparency, the company released a report earlier this month, after years of community nagging, indicating that USDT is a fully backed stablecoin.
Aside from the aforementioned fiat currency-pegged stablecoins, Tether also released a gold-backed asset (XAUt) on Ethereum and Tron in 2021.