The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.
MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso
The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso.
Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company also offers CNHT, an offshore Chinese yuan-pegged token, and tether gold XAUT, a token pegged to the value of one ounce of fine gold.
MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “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,” Tether’s announcement on Thursday details. The company added:
The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.
Tether USDT is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.
Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs,
