On May 26, Tether announced on Twitter that they had entered the Latin American market with the launch of a new Mexican peso-pegged stablecoin. Tether also added that its stablecoin, dubbed MXNT, will initially be available on the Ethereum, Tron, and Polygon blockchains. This is Tether’s fourth fiat-pegged stablecoin, following USDT, EURT, and the offshore Chinese Yuan-pegged CNHT.
Tether CTO Paolo Ardoino said in a statement:
“We have observed an increase in bitcoin usage in Latin America over the last year, which has made it clear that we need to extend our capabilities,” on adding to that he said:
“The introduction of a new cryptocurrency tied to the peso will provide a store of value for those in emerging markets, particularly Mexico.”
Tether stated that the introduction of MXNT would serve as a testing ground for onboarding new users in Latin America and pave the way for the area to see additional fiat-pegged stablecoins.
While Tether includes Euro and Yuan-pegged stablecoins, its USD-pegged stablecoin USDT is the most popular, despite significant redemptions following the collapse of algorithmic stablecoin terraUSD (UST) earlier this month.
USDT is the world’s largest stablecoin, having a total supply of more than 77 billion tokens. Tether’s supply, on the other hand, has fallen by more than 15 billion in the last month.