Tether is the 3rd largest cryptocurrency by the market cap. Tether launched the USDT stablecoin in 2014, and it is now the largest of its kind, with a market cap of $73.2 billion. Now Tether published new Stablecoin Mexican Peso MXNT. Tether is still thinking bigger about expanding.
On Thursday(26/05/2022), Tether launched their new tokens (MXN₮) pegged to the Mexican Peso. Fundamental blockchain support will include Ethereum, Polygon, and Tron.
Tether’s MXN₮ will join three other fiat-currency pegged tokens in the market: the EUR₮ pegged in Euros, the USD₮ pegged in US dollars, and the offshore Chinese Yuan-pegged CNH₮.
According to Triple A, 3.1 million Mexican people own cryptocurrency and 40% of Mexican companies are interested in assuming blockchain and cryptocurrency in some way. Tether also noted the “unique opportunity” in Mexico, thanks to the multibillion-dollar flow of remittances into that country and the difficulties concerned with internal money transfers.
New Stablecoin Mexican Peso MXNT
MXN₮ is a stable digital asset that’s pegged 1:1 to the Mexican Peso. On the Otherside 1 MXN₮ = 0.051 U.S dollars.
Major fiat-backed stablecoins like USDT, BUSD and USDC are extensively used. Tether’s USDT is one of the largest stablecoin by market capitalization, with$72.6 billion in circulation as of Thursday(26/05/2022) morning. USD Coin was the 2nd- largest stablecoin, with nearly$ 53 billion in circulation.
The UST stablecoin, whose peg was guaranteed by a complex tone-executing algorithm, rather than actual cash reserves, lost its peg and collapsed in a dramatic fashion before this month.
multiple controllers still treat stablecoins with caution. “( Stablecoins) run troubles which could hang monetary stability, ”U.S. Secretary of the Treasury Janet Yellen witnessed in a Senate Banking Committee hearing on May 10, adding that it was “ critical ” for Congress to pass new legislation regulating them.
In addition to USD₮ and MXN₮, Tether offers Euro-pegged and offshore Yuan-pegged stablecoins called EUR₮ and CNH₮, independently
