Tether Issues MXN₮, its 4th Fiat-pegged Stablecoin
USDT issuer Tether has recently announced it plans to launch a new stablecoin. In this case, the asset, called MXN₮, will be pegged to the peso, Mexico’s official currency.
The stablecoin, which is actually the fourth stablecoin pegged to fiat issued by the company, will initially be available on the Tron, Polygon and Ethereum networks.
The company’s chief technology officer (CTO), Paolo Ardoino, has commented on the launch:
“Over the past year, we have seen an increase in the use of cryptocurrencies in Latin America, which has made it clear that we need to expand our offering. The introduction of a stablecoin pegged to the peso will provide a store of value for those operating in emerging markets, in particular in Mexico.”
According to Tether, 40% of Mexican companies wants implement blockchain and cryptocurrencies.