Tether, the issuers of the world’s largest stablecoin, USDT, have launched a new Mexican peso-pegged stablecoin, MXNT. This stablecoin has a pegged 1:1 to the Mexican Peso.

Peso-Backed Stablecoin Launched

Tether announced that the stablecoin USDT was being launched on Thursday, May 26, 2016.

The MXNT becomes Tether’s fourth stablecoin, joining the dollar-pegged USDT, euro-pegged EURT, and Chinese yuan-pegged CNHT.

Tether’s newest stablecoin, MXNT, will initially be available on the , Tron and Polygon blockchains. The launch marks Tether’s entrance into Latin America.

Tether Ventures in the Latin American Market

According to Tether’s CTO Paolo Ardoino, the increase in demand for crypto in Latin America formed the basis of the company’s decision to launch a stablecoin backed by the Mexican Peso.

Ardoino also explained that Mexico residents will be able to save value with the stablecoin peso-backed. He hopes the ripple effect will lead to more stablecoins pegged with the Mexican peso in the future.

Tether claims that the MXNT is a test ground to allow new Latin American users to be onboarded and opens the door for fiat-pegged stablecoins.

Flipside

• After UST’s failure prompted panic in the stablecoin market, large investors on the Ethereum blockchain were forced to ditch the USDT.

Why you should care

Tether hopes the MXNT will allow for the storage of value and facilitate the onboarding of crypto users.

Tether (USDT) is now backed by non-U.S. government bonds – for more info, read:

April 20th Crypto Digest

Terra’s UST sparked a stablecoin panic. Learn more:

TerraUST loses its peg once more

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