Tether has launched a new stablecoin that will be pegged on the Mexican Peso as the stablecoin blockchain makes its debut in Latin America.
In said in a statement, Paolo Ardoino, the CTO of Tether, 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. Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”
While launching the stablecoin today, Tether said that the new stablecoin dubbed MXNT will initially be available on Ethereum, Polygon, and Tron.
The MXNT is the fourth fist-pegged stablecoin to be launched by Tether so far. The rest of the fiat-pegged stablecoins that have been launched by Tether include the famous USDT (pegged on the US Dollar), the EURT (pegged on the Euro), and the CNHT (pegged on the offshore Chinese Yuan).
Tether’s expansion into Latin America
Tether said that the launch of the new stablecoin will act as a testing ground for onboarding new users in Latin America. The MXNT is expected to pave the way for more fiat pegged stablecoin in the region.
Of the four stablecoins launched by Tether, the USDT remains the most popular and has recently seen massive adoption by investors as crypto investors tend to incline more towards fiat-pegged stablecoins following TerraUSD (UST), which is an algorithmic stablecoin, debacle. The UST meltdown caused panic among investors with algorithmic stablecoins.
The current USDT supply stands at about 77 billion and it remains the largest stablecoin in the world.