Tether, the firm behind the most popular stablecoin pegged to the US dollar, USDT, has introduced a new stablecoin pegged to the Mexican peso, marking the company’s entry into the Latin American crypto market. The company that operates the blockchain-enabled platform announced that the new stablecoin will be added to Tether’s expanded product line, which now includes four fiat-backed assets. The new token will trade under the ticker MXNT with initial support including Ethereum, Tron and Polygon, with support for additional networks to be launched at a future date.
Announcement The firm’s previous stablecoins move from the USDT, EURT, and CNHT, which are pegged to the US dollar, euro, and Chinese yuan, respectively. MXNT was created by the same team of developers that created Tether USDT and is backed by tether.to.
Tether has both euro and yuan-pegged stablecoins, but its USD-pegged stablecoin, USDT, is more popular. The current total volume of USDT is over $77 billion (approximately Rs 5,97,370 crore). However, the supply of Tether has decreased by more than 15 billion during this period. Luna accident last month.
“We have seen an increase in the use of cryptocurrency in Latin America over the past year, making it clear that we need to expand our offerings,” said Paolo Ardoino, CTO tie rope,
Introducing the Peso-Pegged stablecoin Will provide a store of value for emerging markets and especially those in Mexico. MXNT can reduce volatility for those looking to convert their assets and investments from fiat currency to digital currencies. Tether customers will be able to take advantage of the same transparent customer experience in this completely new market.”
The entry into Mexico has been met with enthusiasm and support from cryptocurrency investors. The news offers some comfort to a market that currently has a negative outlook on the stablecoin. Tether fell below its $1 (around Rs 77.5) peg when the cryptocurrency market panicked with LUNA and UST.