The stablecoin issuer Tether has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso.
The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso., which is pegged to the U.S.
MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” Tether’s announcement on Thursday details.
The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.
Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (
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