Tether (USDT) has launched a new stablecoin, MXNT. This time the novice digital asset is pegged to the Peso, the currency used in countries like Mexico, Argentina, Colombia, Dominican Republic and more. The new cryptocurrency is available on the Tron (TRX), Ethereum (ETH) and Polygon (MATIC) Blockchain networks.
It is important to note that the new stablecoin arrives amid a market distrustful of stablecoins. But it does offer a new option to Tether’s multinational stablecoins like EURT (Euro-pegged), USDT (Dollar-pegged), CNHT (Chinese Yuan-pegged).
A Cheaper Digital Asset
According to some data, Mexico companies show an interest in digital assets and Blockchain technology. The arrival of Peso-pegged MXNT offers a cheaper alternative to more high-priced crypto units.
Paolo Ardoino, the Chief Technology Officer at Tether, said that their company decided to launch MXNT as a response to Mexico’s newfound interest in cryptocurrencies.
According to Ardiono, MXNT offers a cheaper option to Mexicans trying to convert their fiat money into digital assets.
Future of Cryptocurrency in South America
Ardiono continued to add that MXNT will also serve as a testing ground for Mexico’s future digital market. Offering stablecoins in Pesos is a good move to include the local players in the region.
In other Tether updates, the crypto company decided to move a billion USDT to Avalanche (AVAX) and Ethereum (ETH). The recent disaster of TerraUSD (UST) prompted this swift decision.
Ardiono has also assured token investors that USDT is capable of resisting the redemption of three hundred million USDT tokens in one day.