Tether Launched Mexican-Peso Stablecoin On Tron, Polygon, Ethereum

Tether launched Mexican-Peso stablecoin on Tron, Polygon, and Ethereum and announced it to be backed by Mexico’s national currency so let’s read more today in our latest Tether news.

The press release from May 26 informed that the new stablecoin will join Tether’s growing product line that consists of four fiat currency-pegged assets and the company launched USDT, EURT, and CNHT backed by the Chinese yuan. Mexico is a growing market in terms of crypto adoption which is why the company decided to tap its national currency for the next stablecoin. The PR reads:

“The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers have created a unique opportunity for stablecoin usage and adoption.”

Launched on Ethereum, Polygon, and Tron, MXNT was built by the trusted team of developers behind Tether and it is pegged to the Mexican Peso. Tether CTO Paolo Ardoino added:

“Introducing a peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”

Speaking of transparency, the company reported that after years of community nagging, USDT is a fully backed stablecoin. Aside from the fiat-currency pegged stablecoins, Tether released a gold-backed asset on ETH and Tron in 2021.

As recently reported, Tether launched a blockchain education program in the southern city of Lugano as a part of the partnership between the local governemnt and Tether. The city and Tether said they will be launching a plan B summer School in an effort to bring blockchain and crypto education to the masses. The education center is a part of tether’s Plan B initiatives with the city which included making BTC, TEther, and the LVGA Token legal tender in the area. According to the school’s website, the program will run for two weeks in July and will feature speakers like Adam Back, Paolo ARdoino, and more.

The program was co-organized with the Franklin University of Switzerland and is also supported by the Universita Della Svizzera Italiana. The Plan B school initiative is aimed at equipping a new generation of workers with skills needed nto the digital asset space while other crypto-friendly countries including El Salvador launched similar programs in an effort to increase adoption.