Tether Just Launched A New Stablecoin Pegged to Mexican Peso

Tether is making headlines due to the latest move that the project made. Check out the latest reports about the project below.

It’s been just reported by the Block Crypto that Tether has launched a new Mexican peso-pegged stablecoin, marking its entrance into Latin America.

The stablecoin is dubbed MXNT and it will initially be available on the Ethereum, Tron and Polygon blockchains, Tether said today.

Just in case you don’t know, this is Tether’s fourth fiat-pegged stablecoin, after US dollar-pegged USDT, Euro-pegged EURT and the offshore Chinese Yuan-pegged CNHT.

“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” Paolo Ardoino, CTO of Tether, said in a statement.

He continued and stated the following:

“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”

It’s also important to note the fact that Tether said the launch of MXNT will provide a testing ground for onboarding new users in Latin America and pave the way for more fiat-pegged stablecoins in the region.

Not too long ago, we revealed that the surging Tether (USDT) activity could mean big price movement on the horizon for the overall crypto markets.

In a new tweet, Santiment notes that last Thursday and Saturday were the two largest days of 2022 in terms of USDT active addresses that are interacting on the network.

The analytics firm, notes that whether the stablecoin activity surge will be bullish or bearish for crypto remains to be seen.

“Historically, gradually rising active addresses are bullish. A massive cluster of spikes all at once can be a bit more of a volatility marker.”

Stay tuned for more news and keep your eyes on the market.