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The issuer of the USDT stablecoin, Tether, announced the launch of a new digital asset pegged to the Mexican peso
The issuer of the tether (USDT) stablecoin Tether has released a stablecoin pegged to the Mexican peso called MXN₮. The company announced this on its official website. According to the announcement, at the start of the stablecoin will be available on the ethereum, TRON and Polygon blockchains.
Tether notes that in the Mexican market, about 40% of Mexican companies seek to implement blockchain and cryptocurrencies in one form or another. The multibillion-dollar flow of remittances to Mexico and the difficulties associated with them have created “a unique opportunity for the use and adoption of stablecoins,” Tether said.
“Over the past year, we have seen an increase in the use of cryptocurrency in Latin America, which has made obvious the need to expand our offerings,” said Paolo Ardoino, CTO of Tether.
On what sites the Mexican peso from Tether will be available, it is not reported. However, according to CoinMarketCap, other stablecoins from Tether first appear on the Bitfinex exchange. Also, the stablecoin can be expected on Uniswap, but the timing is unknown.
The editors previously reported that, according to Glassnode, the total number of stablecoins in the market decreased by a total of $ 8.4 billion. In its weekly on-chain report, Glassnode calls the situation with stablecoins a “chain reaction of unstable coins” when it describes how the collapse of UST led to the fall of other stablecoins.
At the time of writing, the market capitalization of Tether’s USDT alone is more than $ 73 billion About how the collapse of Terra gave rise to a stablecoin tied to a can of iced tea – read in the material of the editors of BeInCrypto.
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