The company behind the USDT stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. launched a stable digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset pegged to the Mexican peso. The first for the Latin American market.
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- MXNT initially runs in the networks Ethereum , Tron y Polygon.
- It will offer Mexicans a faster and cheaper remittance option.
- Tether seeks to respond to the growing supply of digital currencies in Latin America.
La emisora de la popular stablecoin USDT, Tether is expanding into the Latin American market an area or arena, online or offline, in which commercial dealings are conducted. with a new digital currency currency is a medium of exchange that defines value. that promises parity with the Mexican peso.
The company announced the launch of the new stablecoin this Thursday in a press release . Dubbed MXNT, it is a stable digital asset that is pegged 1:1 to the Mexican peso and will initially be available on the blockchain. Ethereum a decentralized open-source blockchain with smart contracts functionality. , Tron y Polygon . El soporte para otras redes podría expandirse en un futuro, según indicó Tether .
Tether Launches MXN₮
Tether Tokens Pegged To the Mexican Peso ????????Read the full press release ⬇️https://t.co/o732RTxc7Tpic.twitter.com/fT1srEgeed
— Tether (@Tether_to) May 26, 2022
The company said the launch comes in response to the growing demand for cryptocurrencies among the Central American country’s population. ” 40 % de las empresas mexicanas buscan adoptar Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. y las criptomonedas de alguna forma “, he pointed out Tether citing a Triple A study.
“ We have seen a increase in the use of cryptocurrencies in Latin America over the last year that has made it evident that we need to expand our offerings “added Paolo Ardoino, CTO at Tether in the same vein; and continued:
The introduction of a stable currency pegged to the peso will provide a store of value for those in emerging markets and, in particular, Mexico. MXN₮ can minimize volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. for those looking to convert their assets and investments from fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency to digital currency.
MXNT joins Tether offering
Tether which is behind the largest stablecoin in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, hopes MXNT will provide people in Mexico with a simpler and cheaper way to send and receive remittances as well as a ” faster and less costly option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. for asset transfers ” in general.
The company added that the launch will provide a testing ground for onboarding new users in Latin America and pave the way for more stable currencies with fiat linkage in the region.
MXNT adds to the company’s stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. offering. While its flagship product is USDT, pegged to the US dollar, Tether also offers two other stable currencies backed by fiat money: the EURT, pegged to the euro, and the CNHT, pegged to the Chinese yuan.
Stablecoins under the lens
The most recent release of Tether is occurring at a time when the stablecoins are under scrutiny from regulators and observers of the ecosystem at large. A few weeks ago, the third largest stablecoin decentralized, Land USD (UST), lost its expected parity with the dollar and plunged to zero causing wider market havoc.
For a moment, USDT also unpegged, falling to 96 cents and other stable currencies suffered similar volatility. The event has raised fears among investors about a possible unpegging scenario for USDT, as well as broader market liquidations, although its representatives have repeatedly expressed confidence that this will not happen due to the asset’s ability to be redeemed for USD $1.
“ We should highlight the fact that Tether did not lose its binding and the ease with which Tether allows traders to make swaps. “Ardoino recently commented to The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. .
Although USDT supply has dwindled by more than USD $15 billion in the last month in light of the panic over the UST collapse, the stablecoin of Tether remains the largest with a market capitalization of $73 billion.
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
