The new Tether token will be linked to the Mexican currency. The Tether platform recently announced the launch of a new token called MXNT. It will be pegged to the Mexican peso.
Tether starts a new token
Following the failure of the algorithmic stablecoin UST, which is part of the Terra project, the Tether platform announced the launch of a new MXNT token. It will be pegged to the Mexican peso.
The expansion of the Tether offer is related to the opening of the platform to the Latin American market, which has great potential. At the same time, the first stablecoin representing the value of the Mexican currency was created. As announced, it will initially be available on the Ethereum, Tron and Polygon blockchains.
Latin America is turning to cryptocurrencies
As emphasized in one of the media statements by the director of Tether technology, Paolo Ardoino, over the past months Latin America has seen an increase in the use of cryptocurrencies. This prompted the platform to expand its offer. Ardoino also believes that the introduction of a peso-linked stablecoin will guarantee a stock of value in emerging markets, with an emphasis on Mexico.
Testing new opportunities
While the potential of major currencies such as the US dollar, euro and Chinese yuan is well known, the launch of the new token is intended to help the platform assess new markets, including the South American market. The Mexican market seems to be particularly promising, incl. due to the significant amount of remittances from abroad. In 2021 alone, their total value was $ 21,6 billion.
Tether is able to offer a safe, alternative currency for the area. Peso-linked Stablecoin has great potential in it, making it possible to intercept some transfers.
Latin American companies are interested in blockchain technology
According to statistics, many companies operating in Latin America are interested in using blockchain technology. If the currently implemented project is successful, it is possible that Tether will launch more stablecoins linked to local currencies.
It is worth adding that the new project is slowly dispelling the doubts that have been raised for several months regarding the actual reserves of Tether. Their actual value was for many uncertain, while the stable position of stabelcoins depends on adequate security with assets.