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HomeNewsTether Launches Stablecoin Pegged to the Mexican Peso

Tether Launches Stablecoin Pegged to the Mexican Peso

Tether Operations Limited, the company behind the largest stablecoin by market capitalization (USDT), said on Thursday that it launched MXNT Tether tokens pegged to the Mexican peso.

According to the press release, initial blockchain support will include Ethereum, Tron and Polygon. In addition to MXNT, three other fiat-currency-backed tokens will be available from Tether: USDT, EURT and CNHT, which are pegged to the offshore Chinese Yuan.

MXNT is a stable digital asset that is indexed to the Mexican Peso 1:1. The Tether team built MXNT, which operates under the domain. “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. 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,” Paolo Ardoino, the CTO of Tether, commented.

Moreover, the company commented in the announcement: “The addition of MXNT is a milestone for the company as it marks Tether’s entrance into Latin America with a dedicated digital currency. The launch of MXNT will provide a testing ground for onboarding new users in the Latin American market and will pave the way for future fiat-pegged currencies in the region to be launched.”

Tether in Dukascopy

In other news related to Tether, Dukascopy Bank SA, a Switzerland-based financial services provider, recently announced that it has enabled Tether’s blockchain operations for multi-currency account (MCA) holders. The stablecoin can be deposited and withdrawn by the MCA clients directly from or to their cryptocurrency wallets. As a result, Tether has become the first stablecoin offered by Dukascopy to its customers.


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