Among market issues surrounding stablecoins, Tether (USDT) launched a brand new digital asset that’ll be pegged towards the Mexican peso on Ethereum (ETH), Tron (TRX) and Polygon (MATIC) systems.
Within an announcement delivered to Cointelegraph on Thursday, Tether pointed out the token may have the MXNT ticker and can join Tether’s roster of fiat-pegged stablecoins which includes dollar-pegged USDT, euro-pegged EURT and Chinese yuan-pegged CNHT.
Citing data that reports blockchain and crypto demand among Mexican companies, the stablecoin issuer believes that you have a unique chance to supply a cheaper choice for asset transfer inside the region.
Based on Tether’s chief technology officer, Paolo Ardoino, the increase in crypto usage in South America pressed their decision to “expand.” He described that the development of a stablecoin pegged towards the peso can give individuals in Mexico a method to store value. Aside from this, Ardoino believes that:
“MXNT can minimize volatility for individuals searching to transform their assets and investments from fiat to digital currencies.”
They also highlighted the move will increase the value of the emerging market by supplying a testing ground for onboarding new crypto users in the area. Furthermore, they noted that it can possibly set a precedent for that launch more peso-pegged stablecoins.
Related: Cryptopedia: Discover the concepts behind stablecoins and just how they work
Earlier in May, USDT demonstrated some indications of stress because it traded below $.99 on a few of the major crypto exchanges. However, the Tether chief technology officer assured the city that they could withstand the redemption of 300 million USDT tokens per day “without hassle drop.”
On the day that, the firm also announced the change in 1 billion USDT from Tron’s blockchain into Ethereum and Avalanche (AVAX). The chain swap was announced among market panic due to the recent collapse of TerraUSD (UST).
