Tether, the issuer of USDT, the largest stablecoin by capitalization, has launched the MXNT stablecoin pegged to the Mexican peso.

Tether Launches MXN₮
Tether Tokens Pegged To Mexican Pesos 🇲🇽

Read the full press release ⬇️https://t.co/o732RTxc7T pic.twitter.com/fT1srEgeed

— Tether (@tether_to) 26 May 2022

Initially, the asset is available on Ethereum, Tron and Polygon networks. It is the company’s fourth fiat-pegged stablecoin, after USDT (US dollar), EURT (euro), and CNHT (yuan).

“Over the past year, we have seen an increase in the use of cryptocurrencies in Latin America, making it clear that we need to expand our offering. “The launch of a peso-pegged stablecoin will provide a store of value for those operating in emerging markets, particularly Mexico,” said Tether CTO Paolo Ardoino.

The company stated that 40% of Mexican firms are trying to implement blockchain and cryptocurrencies in one way or another. According to Tether, the growth in demand for stablecoins is also facilitated by the flow of billions of dollars in transfers from the United States to the country.

“The addition of MXNT is an important milestone for the company as it marks the entry of the digital currency into Latin America,” the firm said in a statement. Said.

At the time of writing, USDT market supply has reached $73.4 billion, EURT has a capitalization of €241.6 million and CNHT has a capitalization of 20.5 million yen.

Recall that in May, USDT holders withdrew more than 10 billion dollars to fiat during the collapse of the assets of the Terra project.