During the emergence of issues in the sector of stablecoins, USDT (Tether) released a unique digital asset to be pegged into the peso of Mexico on the networks of MATIC (Polygon), TRX (Tron), and ETH (Ethereum). A declaration was made by Tether recently in which it stated that the ticker of the token will be MXNT and it will be additionally included in the list of Tether’s stablecoins that are pegged into fiat currencies taking into account CNHT (pegged to Chinese yuan), EURT (pegged to euro), and USDT (pegged to the dollar).
While referring to the reports dealing with the demand for crypto as well as blockchain technology among the firms within Mexico, the stablecoins issuer mentioned its viewpoint regarding the latest move, asserting that a new opportunity would be provided in this way as an economic option for the transaction of the asset throughout the region.
As expressed by Paolo Ardoino, the chief technology officer of Tether, a remarkable increase in the utilization of cryptocurrency in Latin America has been a driving force at the back of their decision to have an expansion. He elaborated that the release of a stablecoin that is peso-pegged will let Mexico-based citizens conveniently utilize it as a store of value.
In addition to this, Ardoino claimed that the MXNT has the potential to decrease the volatility for the people who are pursuing to transform the investments as well as the assets (which are fiat-based) into digital currencies. The group moved on to point out that this step will provide value to the progressing market by giving a testing field to onboard many new crypto consumers living within the area.
They also disclosed that in this way a precedent will also be set for the release of several other stablecoins that would be pegged to the peso. In May’s early days, USDT expressed some indications that it was under some pressure, being traded under the line of $0.99 on a few prominent crypto exchanges.
Nonetheless, the chief technology officer of Tether assured the community regarding their ability to endure up to 300M USDT coins’ redemption in just one day and that there would be no requirement for extra effort. On that very day, the company additionally declared to transact nearly 1B USDT tokens from the blockchain of Tron to Avalanche (AVAX) and Ethereum.
