Market Analysis Report (27 May 2022)

Tether, the company behind the world’s largest stablecoin USDT, has announced the launch of MXNT, a stablecoin backed by Mexico’s national currency, the peso. MXNT will initially be available on Ethereum, Tron, and Polygon.

The new stablecoin joins several others the company has launched, including USDT, EURT, CNHT, and XAUT. These are pegged to the value of the U.S. dollar, the Euro, the Chinese Yuan, and an ounce of gold, respectively.

Tether CEO Paolo Ardoino noted that there has been rising cryptocurrency usage in Latin America, which prompted the firm to expand its offerings. Ardoino added that a “Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”

The company also cited a report by crypto payments company Triple A, which said 40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form, with 71% within this segment focusing specifically on cryptocurrency usage.