Mexican Peso-Backed Stablecoin on Ethereum, Tron, Polygon; Launched by Tether

Tether has announced the creation of a new form of stablecoin that is backed by the Mexican peso. MXNT will be available on three major blockchains in the beginning: Ethereum, Tron, and Polygon.

The new stablecoin will join Tether’s growing product portfolio, which now includes four fiat currency-pegged assets, according to a news statement dated May 26. USDT (pegged to the US dollar), EURT (pegged to the euro), and off-shore CNHT were all previously released by the company (by the Chinese yuan).

Because cryptocurrency use is expanding in Mexico, the company opted to use the national currency as the basis for its upcoming stablecoin.

MXNT was “developed by the trusted team of developers behind Tether USDT” and is pegged 1:1 to the Mexican peso. It was launched on Ethereum, Tron, and Polygon.

Tether CTO Paolo Ardoino commented-“Introducing a peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXNT 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.” 

Following years of community requests, the business produced a report earlier this month indicating that USDT is a fully backed stablecoin.

Tether also announced a gold-backed asset (XAUt) on Ethereum and Tron in 2021, in addition to the aforementioned fiat currency-pegged stablecoins.

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