Source: Cointelegraph Original: "{title}"
The Mexican cryptocurrency exchange Bitso's subsidiary Bitso Business will launch a stablecoin pegged to the Mexican peso on the Ethereum (ETH) Layer 2 network Arbitrum.
The stablecoin MXNB will be issued and managed by Bitso's newly established subsidiary Juno and will be fully backed on a one-to-one basis by the Mexican peso as fiat currency, Bitso Business stated in a press release on March 26.
Ben Reid, head of stablecoins at Bitso Business, stated that one of the main use cases for MXNB is to facilitate foreign investment and trade in Latin American economies by providing a more "efficient" way than traditional financial infrastructure.
He said, "Global companies face significant currency challenges when serving new market customers and making cross-border payments, including high intermediary fees and inefficient transaction times."
Juno will operate independently of Bitso, responsible for managing the stablecoin, and will regularly audit its reserves, providing public audit reports on its website.
Cryptocurrency research firm Chainalysis noted in a report last October that Mexico is a "noteworthy important country" in accepting cryptocurrency-based remittances.
The World Bank estimated in June 2023 that Mexico receives $61 billion in remittances annually, primarily from the United States, making it the second-largest remittance recipient in the world.
Chainalysis's research found that Latin America is the second-fastest-growing region globally in terms of cryptocurrency transaction receipts, only behind Sub-Saharan Africa. From July 2023 to June 2024, Latin American countries received a total of $415 billion in cryptocurrency, a year-on-year increase of approximately 42.5%.
Source: Chainanalysis
Bitso's "Latin America Cryptocurrency Landscape" report found that the exchange's stablecoin purchases surged by 9%, as people turned to dollar-pegged stablecoins like USDC and Tether (USDT) to combat the risks of rising inflation and currency devaluation.
"The macroeconomic environment in Latin America is challenging, with high inflation and currency devaluation driving the adoption of cryptocurrencies, especially stablecoins, as they are seen as reliable stores of value," the report noted.
While USDC and USDT appear to be the most commonly used stablecoins in Latin American countries, several stablecoins pegged to the Mexican peso have also entered the market in recent years.
The most notable among them is Tether's MXNT, which was launched in 2022 on the Ethereum, Polygon, and Tron networks. At that time, Tether's then-CTO and current CEO Paolo Ardoino described the token as a store of value for Mexican crypto users and a tool to help them transition more smoothly from fiat pesos to cryptocurrencies.
Other smaller issuers of Mexican peso stablecoins include MMXN supported by Monetary Digital and MXNe launched by the U.S.-based Brale on the Solana and Stellar networks in 2024.
Related: Mt. Gox's third major Bitcoin transfer operation this month, amounting to $1 billion.
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