Davos, Switzerland, 26 May 2022: Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization of over US $73 billion, has today launched Tether tokens (“MXN₮”) pegged to the Mexican Peso. Initial blockchain support will include Ethereum, Tron, and Polygon.
MXN₮ will join three other fiat-currency pegged tokens Tether has in the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, and the offshore Chinese Yuan-pegged CNH₮.
According to data from Triple A, a cryptocurrency payments company, 40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form making Mexico a prime location for the next Latin American crypto hub. The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption. The creation of MXN₮ puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.
MXN₮ is a stable digital asset that is pegged 1:1 to the Mexican Peso. MXN₮ was built by the trusted team of developers behind Tether USD₮ and it operates under tether.to.
“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,” said Paolo Ardoino, CTO of Tether. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”
The addition of MXN₮ is a milestone for the company as it marks Tether’s entrance into Latin America with a dedicated digital currency. The launch of MXN₮ will provide a testing ground for onboarding new users in the Latin American market and will pave the way for future fiat-pegged currencies in the region to be launched.
To learn more about MXN₮ or to purchase MXN₮, please visit www.tether.to or contact us at https://cs.tether.to/
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