Tether has been at forefront of innovation in the crypto world for some time now. And now they have added MXNT a Mexico peso-based stable coin to their roster. It will be supported on Tron, Ethereum, and polygon for now.
MXNT joins the rams of USDT, EURT, and CNHT and happens to be Latin America’s first stablecoin. Tether states that Mexico is the prime location for Latin America’s next crypto hub. There has been growing interest in Latin companies in adopting the blockchain and Tether’s new foray can speed up the process.
Tether representatives also said that this is a unique opportunity as the country has been struggling with internal money transfers for some time. In 2021 it was the 3rd largest recipient of remittances only after India and China. With $51.6 billion coming into the country from offseas, a stablecoin can help smooth this process.
But Tether is not the only one banking on the success of a wire transfer product in Latin America. Circle, Coinbase, and Bitso have also been eyeing the Latin market. As of now, 37,000 outlets in Mexico are accepting crypto as a form of payment.
With more and more people adopting crypto in Mexico crypto companies have been looking for ways to get into the country and expand. If you had doubts about the crypto market then hope the rapid expansion and adoption by countries can clear them. As of now, it is the best time to invest in crypto.