Tether, the blockchain-enabled platform for the digital fiat-pegged currencies has officially launched the MXN₮ which is a Mexican Peso-Pegged stablecoin and will be on three major blockchains that include TRON.
MXN₮ would be Tether’s fourth stablecoin following the USDT, EURT, and CNHT.
Tether Launches MXN₮
Tether Tokens Pegged To the Mexican Peso 🇲🇽Read the full press release ⬇️https://t.co/o732RTxc7T pic.twitter.com/fT1srEgeed
— Tether (@Tether_to) May 26, 2022
The launch of MXN₮ would be the company’s entry into the Latin American market and it is reported that Mexican companies and corporations are interested in adopting blockchain technology and cryptocurrencies in their businesses.
The sudden rise in crypto transactions and interest within Mexico would make this the next Latin American crypto hub similar to other countries.
What is MXN₮?
MXN₮ is a stable digital asset that is pegged 1:1 to the Mexican Peso and similar to the US dollar-pegged USDT. The team behind Tether USD₮ developed MXN₮ and it operates under the company name tether.to.
Tether has always seen Mexico as one of the top markets when it comes to cryptocurrencies and as mentioned on their website:
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. The creation of MXN₮ puts the Mexican pesos on the blockchains and provides a faster, less costly option for asset transfers.
The creation of the Mexican Peso-Pegged stablecoin could be the start of more fiat-pegged currencies in the future.
What is Tether?
Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies digitally. Tether is also the company behind the world’s very first stablecoin the USDT and known to be the digital dollar in the cryptocurrency space it is a U.S. dollar-pegged stablecoin with a 1:1 ratio (1 USD = 1 USDT).
GM Mexico! 🇲🇽 pic.twitter.com/nhbKhKIuk8
— Tether (@Tether_to) May 26, 2022
Currently, USDT ranks 3rd in the cryptocurrency ranking with an 80.88B USD circulating supply and since it’s pegged to the USD which makes it more unique compared to other cryptocurrencies, the demand for USDT transactions has already increased since it was first launched.
Asides from the MXN₮ and USDT, Tether also has other fiat-pegged stablecoins such as the Euro-pegged EURT and the Chinese Yuan-pegged CNHT.
For more news and updates, see Tron Spark.
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