- Tether (USDT-USD) is launching a new stablecoin tied to the Mexican peso.
- This will trade under the MXNT ticker.
- The company launched the token in response to increasing crypto use in Latin America.
This new stablecoin is called MXNT and it’s tied to the price of the Mexican peso. This has it tracking the value of the current on Ethereum (ETH-USD), Tron (TRX-USD) and Polygon (MATIC-USD) networks.
So what’s behind the decision to launch the MXNT stablecoin? Tether CTO Paolo Ardoino says that increasing use of crypto in Latin America spurred the company to launch its newest stablecoin.
Ardoino believes that this could act as a catalyst that brings other peso-backed cryptos to the region. If true, it could allow for wider adoption of crypto in Mexico and other nearby countries, reports Coin Telegraph.
Here’s what else Ardoino said about the launch of MXNT in a press release from the crypto company.
“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”
USDT has had it rough this year as the stablecoin has struggled to remain, stable. This saw it drop in value earlier this month but it has since regained that lost ground. Now it continues to float around the $1 price point it’s supposed to be at.
Crypto traders looking for more recent news today are in luck!
We’ve got all the hottest crypto news traders need to know about for Thursday! That includes the latest price predictions for RadioShack (RADIO-USD) and Ethereum, as well as cheap cryptos to consider buying. You can get more info on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.