Tether Launches Peso Pegged Stablecoin

Written By Francisko Kim

Tether (USDT) is the largest used stablecoin and is the 3th ranked cryptocurrency by market cap, followed by USDC (USD Coin). This new stablecoin is pegged to the Mexican Peso and will be the fourth stablecoin from Tether, tied to a fiat currency.

MXNT will first be available on the ETH, MATIC, TRX (Tron) networks/blockchains.

Prior to the UST crash, Tether balanced between $0.999 and $1.001. The lowest we’ve seen was a drop to $0.97 on May 12, but it recovered within ten hours back up to over $0.99 and has been fluctuating between $0.98 and $0.992 since.

Tethers supply has declined by more than 15 billion over this month, but didn’t lose the USD $1 peg.
The launch of MXNT will be a testing ground for Tether on gaining new users and introducing stablecoins pegged to fiat currencies in Latin America.

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Francisko Kim
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