It’s peso time – The disaster caused by the loss of TerraUSD (USD) parity with the US dollar is still fresh in memory. Tether nevertheless decides, in this context, to broaden its offer by launching a new stablecoin.
Primer paso en Mexico: the MNXT stablecoin pegged to the peso
Tether launches the stablecoin MNXT paired with the Mexican peso. The cryptocurrency will be available as well on Ethereum (ETH)than on Tron (TRX) and Polygon (MATIC).
The CTO (technical director) of Tether, Paolo Ardoinojustified the launch of this new stablecoin, citing theincreasing use cryptocurrencies in Latin America:
“We saw an increase in the use of cryptocurrencies in Latin America over the past year, which showed us that we needed to expand our offer. »
The MNXT should allow its users to transfer funds to lower costs. Traditional finance does not allow this. Furthermore, the stablecoin is additionally supposed to provide “a store of value for those in emerging markets, especially Mexico”.
The MNXT should also, according to Paolo Ardoino, “minimizing volatility for those looking to convert their assets and investments from fiat to digital currencies”.
For Tether, the stablecoin serves asexperimentation to acquire new users in Latin America. It could also be the first step before the launch of other stablecoins.
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When the UST earthquake questions the solidity of stablecoins
The crypto markets have just been shaken recently by the collapse of TerraUSD from Terra (LUNA). Paolo Ardoino wanted to reassure crypto investors, recently reminding The Block media that “Tether has not lost its anchor”.
He also pointed out “the ease with which Tether allows traders to make redemptions”.
The MNXT is therefore added today to the list of stablecoins issued by Tether. The MNXT is therefore added to the USDT, the EURT, and the CHNHT which are pegged respectively to the dollar, the euro and the yuan.
Until then, theUSDT continues to dominate the stablecoin market with total supply currently standing at over $77 billion.
Tether takes a bold decision by throwing the MNXT, while many crypto investors have yet to mourn the UST. Cryptophiles keep a watchful eye on stablecoins. Indeed, each unusual event affecting these can now be mistrusted.
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