- Tether has launched MXN₮, which is pegged to the Mexican peso.
- MXN₮ will now join other fiat-based stablecoins such as USDT, EURT, and CNHT.
- Tether is also planning to launch other stablecoins based on fiat currencies of other countries in Latin America.
Stablecoin company Tether has announced the launching of its newest stablecoin MXN₮. This stablecoin is pegged to the Mexican peso, and will join other existing Tether fiat-based stablecoins USDT, EURT, and CNHT.
According to Tether’s press release, this move marks the company’s foray into Latin America. This will also become the “testing ground” for welcoming new users in the said market.
CEO Paolo Ardoino said:
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.
The company also mentioned the motivation for the MXNT launching, which is the fact that 40% of Mexican firms are interested in ado ...