Tether’s decision to launch a Peso-based stablecoin will help crypto expand and grow in Latin America. Not only that Paolo Ardoino says that this will ensure more onramps to USDT.
The USDT has been described as the bridge to BTC and Ardoino says that the stable coin will be able to onboard the next 2 billion users easily. But he emphasizes on the fact that local banks will have to work closely with Tether to get the different flavors of Tether to the people.
With El Salvador adopting Bitcoin as legal tender there has been talking that Mexico might do the same in the near future too. This has been a much talked about point in recent but there is a high possibility that this might happen.
But this will be hard to implement as Mexico already has an official currency. But both can coexist with each other and BTC will receive the title of de facto legal tender.
With the Peso being dominant and a Peso based stable coin being pushed it will be great to see a non-dollar based stable coin. With Peso and Latin America warming up to crypto, there have been many adopters in the countries too.
A Peso-based stablecoin can boost the adoption and show the world the stance of Latin America on crypto and DeFi as a whole. If you have been planning to get into the DeFi space, right now is the best time to do so. With many world governments being bullish on crypto it will be beneficial for you to be an early adopter.