Tether launched a new digital asset that will be pegged to the Mexican peso on Ethereum , Tron and Polygon networks.
Tether stated that the token will have the MXNT ticker and will join Tether’s roster of fiat-pegged stablecoins that includes USDT, EURT and CNHT.
According to Paolo Ardoino ,Tether’s chief technology officer,the rise in crypto usage in Latin America pushed their decision to expand.” He went on to explain that the introduction of a stablecoin pegged to the peso will give those in Mexico a way to store value.
The team also emphasized that the move will add value to the emerging market by providing a testing ground for on boarding new crypto users in the region. Additionally, they noted that this may also set a model for the launch of more peso-pegged stablecoins.
USDT showed some signs of stress as it traded below $0.99 on some of the major crypto exchanges. However,Tether assured the community that they are able to withstand the redemption of 300 million USDT tokens in a day.
The firm also announced the transfer of 1 billion USDT from Tron’s blockchain into Ethereum and Avalanche. The chain swap was announced during market panic because of the recent collapse of Terra USD .
