Tether, the firm behind the blockchain-enabled platform tether.to, which powers the world’s largest stablecoin, has introduced Tether tokens (“MXN”) tied to the Mexican Peso today. Ether, Tron, and Polygon are the first blockchains to receive support.
Tether’s MXN will join three existing fiat-pegged tokens on the market (USDT, EURT, and CNHT). MXN Is said to be a reliable virtual currency that is pegged to the Mexican Peso at a 1:1 ratio and was created by the same team that created Tether USDT, and it runs on the tether.to platform.
Tether’s CTO, Paolo Ardoino, stated in a statement that the company has noticed an increase in bitcoin usage in Latin America over the previous year, indicating that they need to extend its capabilities. He went on to say that he believes that releasing a Peso-pegged stablecoin can provide a store of wealth for individuals in emerging nations, particularly in Mexico.
He added that “MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”
Following the meltdown of UST earlier this month, USDT, along with numerous other stablecoins, momentarily lost its peg. As heightened regulatory scrutiny for stablecoins grows, crypto traders withdrew about $10 billion from Tether USDT in the previous two weeks.
Tether, according to Ardino, has remained stable through many black swan occurrences and very unpredictable market conditions, “even in its darkest days, Tether has never once failed to honor a redemption request from any of its verified customers.”
