The company Tether Limited has already created 3 stablecoins and ranks number 1 in this field with a capitalization of 73 billion dollars. After USDT, EURT and CNHT, respectively indexed on the US dollar, the euro and the Chinese yuan, it naturally responds to the demand of the South American market by creating MXNT.
Mexico, a strategic market for stablecoins
Backed by the Mexican national currency, the Mexican peso with a 1:1 ratio, stablecoin is available on the Ethereum, Tron and Polygon blockchains.
With El Salvador legalizing bitcoin in September 2021 with plans to eventually create Bitcoin cities, it’s no secret that Latin America is very fond of cryptocurrencies. Research from Triple A also claims that 40% of Mexican businesses are considering adopting blockchain technology as a tool for exchanging financial flows.
So it was only natural for Tether to enter this market.
“We have seen an increase in the use of cryptocurrencies in Latin America which invites us to expand our offerings. The introduction of a stablecoin indexed to the peso will provide a store of value for those in emerging markets and particularly in Mexico.”Paolo Ardoino, CTO of Tether Limited
We note that despite the wreckage of the UST stablecoin from the Terra Luna ecosystem (of which the new version of Luna is now available), fiat currency-backed stablecoins still have a bright future ahead.
Pesos are now welcome to strengthen the capitalization of the company that offers tools to facilitate financial exchanges with the strengths of fast transfer costs, a cheaper exchange option and the reliability of asset transfers . The adoption of stablecoins in Mexico is now a reality, thanks to Tether.
Co-founder of Coinpri, Expert in blockchain and NFT, I vulgarize the new web3 and blockchain paradigm here.