Forty percent of Mexican enterprises are considering the use of blockchain technology, and Tether has announced the launch of a new peso-backed stablecoin on the Ethereum, Tron, and Polygon platforms.
Stablecoin USDT escaped through the recent collapse of Terra (UST) with a few bruises, momentarily hitting the $0.95 level, and is now ready to acquire a Mexican equivalent. Mexico, where 2.5% of the population has bitcoin and 40% of firms have shown interest in blockchain and cryptocurrencies, will get Tether’s new stablecoin MXNT. Tether is the company behind USDT.
At the time of this writing, the peso is worth $0.051 in MXNT. Tether’s chief technological officer, Paolo Ardoino, said that the introduction of a Peso-pegged stablecoin would serve as a store of wealth for individuals in developing nations, particularly Mexico. Most bitcoin in Mexico is utilised for speculation and trade, according to data by Triple-A. Cryptocurrency and blockchain technology have been intriguing to Mexicans, however, because of remittances from the U.S. and obstacles in money transmission.
When converting assets and investments from fiat to digital currency, MXNT may help reduce volatility. Stablecoin acceptance in Latin America will be tested in Mexico, according to Tether. It’s become clear to us that we need to extend our products as bitcoin use in Latin America has increased over the previous year,” Ardoino said in a news statement. Stablecoins linked to the euro and the yuan is already available via the firm. Stablecoins, in contrast to bitcoin, are backed by dollars.