Seeking Alpha
2022-05-26 20:24:36

Stablecoin issuer Tether rolls out new tokens pegged to Mexican peso

Tether (USDT-USD) on Thursday has launched a new stablecoin pegged to the Mexican peso, marking the the stablecoin issuer's entry into Latin America, according to a release Thursday. So-called MXN₮ tokens will initially be supported in the ethereum (ETH-USD), tron (TRX-USD) and ploygon (MATIC-USD) blockchains, Tether noted. Some "40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form making Mexico a prime location for the next Latin American crypto hub," Tether said, citing data from crypto payments firm Triple A. Furthermore, "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,” said Tether Chief Technology Officer Paolo Ardoino. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico." Tether (USDT-USD) is the world's largest stablecoin by market cap with a

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