Tether Expands Into Latin America With Peso-Pegged Stablecoin Launch

MXNT is a stable digital asset that is indexed to the Mexican Peso 1:1.

Tether Expands Into Latin America With Peso-Pegged Stablecoin Launch

Photo Credit: Unsplash/ Drawkit Illustrations

Tether is expanding its stablecoin offerings into Latin America

Highlights
  • Tether lost over 15 billion in supply over the past month
  • Tether has stablecoins pegged to the euro and Chinese yuan
  • The token is designed to expand the company's presence in Mexico
Advertisement

Tether, the firm behind the most popular stablecoin linked to the US dollar, USDT, has debuted a new stablecoin pegged to the Mexican peso marking the company's entrance into the Latin American crypto market. The company operating the blockchain-enabled platform announced that the new stablecoin would get added to Tether's expanding product range, which now includes four fiat currency-backed assets. The new token will trade under the ticker MXNT with initial support including Ethereum, Tron, and Polygon with support for additional networks expected to be launched at a future date.

The announcement follows on from the firm's previous stablecoins USDT, EURT, and CNHT, which got pegged to the US dollar, Euro, and Chinese Yuan, respectively. MXNT was built by the same team of developers who created Tether USDT and is backed by the tether.to.

Tether has both Euro and Yuan-pegged stablecoins, but its USD-pegged stablecoin, USDT, is more popular. The present total quantity of USDT is greater than $77 billion (roughly Rs. 5,97,370 crore). However, Tether's supply has decreased by over 15 billion during the LUNA crash over the last month.

"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," said Paolo Ardoino, CTO of Tether.

"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."

The entrance into Mexico has been met with enthusiasm and support from cryptocurrency investors. The news provides some comfort in a market that currently holds a negative view of stablecoins. When the crypto market panicked over LUNA and UST, Tether broke below its $1 (roughly Rs. 77.5) peg.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Tether, Stablecoin, MXNT, USDT
SpiceJet Says Q4 2021 Earnings Delayed Due to Ransomware Attack on IT Systems
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »