Among the market issues related to stablecoins, Tether (USDT) has launched a new digital asset that will be pegged to Mexican Peso on Ethereum (ETH), Tron (TRX), and Polygon (MATIC) networks.
In an announcement sent to Cointelegraph on Thursday, Tether mentioned that the signal will have the MXNT ticker and will be part of Tether’s list of currency – linked fiat stables including dollar – linked USDT, euro – linked EURT and CNHT. linked to Chinese yuan.
Citing data showing blockchain and cryptocurrency demand among Mexican firms, the issuer of stablecoin believes there is a unique opportunity to provide a lower – cost option for moving assets to the region.
According to Tether Chief Technology Officer Paolo Ardoino, the rise in cryptocurrency usage in Latin America prompted their decision to expand. He explains that the introduction of the peso-pegged stablecoin will give Mexicans a way to store value. Otherwise, Ardoino believes:
” MXNT can minimize volatility for those seeking to convert their assets and investments from fiat currency to digital currencies “.
The team also indicated that the move will add value to the emerging market by providing a test site for new cryptocurrency users in the onboard region. In addition, they noted that this could also set a precedent for the launch of Peso-linked stable coins.
Read also: Cryptopedia: Discover the concepts behind stablecoins and how they work
Earlier in May, USDT showed some signs of stress while trading below $ 0.99 on some of the major crypto-currency exchanges. However, CTether Tether has assured the public that they can support the redemption of 300 million USDT tokens in a single day. ” without a drop of sweat “.
On the same day, the firm also announced the transfer of billions of USDT from Tron blockchain to Ethereum and Avalanche (AVAX). This blockchain swap was announced amid market panic due to the recent collapse of TerraUSD (UST).
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