Quick Take
- Tether, the largest stablecoin by market capitalization of over US $73 billion, has today launched Tether tokens (“MXN₮”).
- MXNT is pegged 1:1 to the Mexican Peso.
- 40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form.
One of the world’s largest stablecoins, the one that has a market value of more than $73 billion dollars, Tether has created Tether tokens (MXNT) that are linked to the Mexican Peso. The “MXNT” identifier is used to designate Tether tokens. Ethereum, Tron, and Polygon will be the first three blockchains to support MXNT
Tether’s MXNT cryptocurrency will be offered alongside the USDT, EURT, and CNHT tokens, each of which is tethered to a different currency’s offshore equivalent of the Chinese yuan.
MXNT (Mexican Peso) is an established digital currency that is tied 1:1 to the Mexican Peso. As with Tether USD, MXN was designed by the same renowned group of software specialists who created it, and it runs on the Tether platform.
Does Mexico Wants “Mexican Tether”?
Forty percent of Mexican businesses, according to bitcoin payment processor Triple A, are interested in implementing blockchain and cryptocurrency technologies. The Mexican Peso can now be utilized on blockchains thanks to the invention of MXNT, which allows for faster and cheaper asset transfers. People looking to move their assets and investments from fiat currencies to digital currencies may discover that MXNT can reduce the volatility of their investments.
