On Thursday, Tether announced the launch of MXN₮, a new stablecoin pegged to Mexico’s peso.

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Initially available on the Ethereum, Tron, and Polygon blockchains, MXN₮ is a stablecoin “built by the trusted team of developers behind Tether USDT” that is pegged 1:1 to the Mexican peso.

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MXN₮ is Tether’s first foray into Latin America, following the company’s three other fiat-pegged stablecoins: US dollar-pegged USD₮, Euro-pegged EUR₮, and the offshore Chinese Yuan-pegged CNH₮.

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"We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings," said Tether CTO Paolo Ardoino. "Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico."

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According to Ardoino, “a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico,” minimizing volatility “for those looking to convert their assets and investments from fiat to digital currencies.”

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Sharing reasons for the new stablecoin, Tether also referred to a report by cryptocurrency payments company Triple A, which states that 40% of Mexican companies are planning to adopt blockchain and cryptocurrencies in some way.

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