Tether launches stablecoin pegged to pesos on Ethereum, Tron and Polygon
Tether (USDT) has announced a new digital currency that will be tied to the Mexican peso on the Ethereum (ETH), Tron (TRX), and Polygon (MATIC) networks, despite market concerns over stablecoins.
Tether said in an email to Cointelegraph on Thursday that the token will have the MXNT ticker and will join Tether’s stablecoin lineup, which includes the dollar-pegged USDT, euro-pegged EURT, and Chinese yuan-pegged CNHT.
The stablecoin issuer feels there is a unique chance to give a cheaper option for asset transfer across the region, based on data that reveals blockchain and crypto interest among Mexican firms.
The surge in crypto usage in Latin America prompted Tether’s decision to “expand,” according to Paolo Ardoino, the company’s chief technical officer. He added that the adoption of a peso-pegged stablecoin will provide a means for Mexicans to store wealth. Apart from that, Ardoino has the following beliefs:
“Those wishing to move their assets and investments from fiat to digital currencies can use MXNT to reduce volatility.”
USDT showed symptoms of stress earlier this month, trading below $0.99 on some of the main crypto exchanges. Tether’s chief technological officer, on the other hand, told the community that they can endure the redemption of 300 million USDT tokens in a single day “without breaking a sweat.”
The company also announced the transfer of 1 billion USDT from Tron’s blockchain to Ethereum and Avalanche on the same day (AVAX). Because of the recent collapse of TerraUSD, the chain switch was disclosed amid market panic (UST).