Stablecoin Tether has launched a new stablecoin backed by Mexican Peso that will be based on Tron, Ethereum, and Polygon blockchains.
MXNT stablecoin signifies the entrance of Latin America by Tether and is its fourth-fiat pegged stablecoin after USDT, Euro-pegged EURT, and CNHT pegged to the Chinese yuan.
The CTO of Tether, Paolo Ardoino, says that an increase in cryptocurrency usage in Latin America over the last year has necessitated the expansion in the region. The Executives add that the introduction of Peso-backed stablecoin will offer a store of value for the emerging markets.
Tether adds that MXNT offers an avenue to explore more fiat-backed stablecoins in the region for adding new use cases for the digital asset class.
USDT is the largest stablecoin globally, with the supply standing at 77 billion. The tokens were recently faced with liquidations after the collapse of terraUSD.
Source: THE BLOCK