Tether has released a new Mexican peso-pegged stablecoin, marking its entrance into Latin America. Dubbed MXNT, the stablecoin will previously be available on the Ethereum, Tron, and Polygon Blockchain, Tether stated today. This is Tether’s fourth fiat-pegged stablecoin, after US dollar-pegged USDT, Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT.
“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,” Paolo Ardoino, CTO of Tether, said in a statement. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and particularly Mexico.”
Testing ground for Latam expansion
Tether said the launch of MXNT will provide a testing ground for onboarding new users in Latin America and pave the way for more fiat-pegged stablecoins in the region.
While Tether has Euro and Yuan-pegged stablecoins, its USD-pegged stablecoin USDT remains more famous, moreover, it has lately seen huge revitalizations amid panic over the collapse of algorithmic stablecoin terraced (UST) earlier this month.
USDT remains the biggest stablecoin in the world, with its current total supply standing at over 77 billion, according to The Block’s Data Dashboard.
Over the past month, however, Tether’s circulation has reduced by more than a billion.
But Tether remains optimistic. Ardoino recently told The Block: “We should underline the fact that Tether did not lose its peg and the ease in which Tether allows traders to perform redemptions.”