The stablecoin market is heating up, and companies are now backing them with currencies other than the U.S. dollar. Bitso, one of the largest Latam-based exchanges, has announced the launch of MXNB, a stablecoin that seeks to bring the utility of the Mexican peso on-chain.

For the release of this stablecoin, Bitso Business has spun off Juno, a new subsidiary focused on the issuance and tokenization of digital assets. MXNB was issued on top of Arbitrum, an Ethereum rollup featuring low fees and quick transaction times, features that are key for Latam users, who will be the main users of the stablecoin.

MXNB, which is fully backed with Mexican pesos, comes to ease several use cases that are currently slow and encumbered due to the traditional finance institutions involved. One of these central use cases is the settlement of cross-border payments, allowing institutions to exchange dollar stablecoins for MXNB to complete their transactions seamlessly without involving banks.

MXNB also opens the doors for Mexican fintech companies to offer fully independent Mexican peso-based savings accounts, promoting an on-chain, tradfi-disconnected economy. In addition, MXNB can also be adopted by remittance operators, who can lower their operational costs by opting for cryptocurrency rails.

Ben Reid, Head of Stablecoins at Bitso Business, commented on the convenience of stablecoins for companies entering new markets, helping them streamline several operations. In a press release, he stated:

MXNB enables global companies to do business in Latam in a more efficient way and Juno will be a key player to issue and exchange digital tokens that can foster the region’s opportunities.

A Mexican peso stablecoin might achieve a high level of popularity, given the billions that are sent each year from the U.S. to Mexico. According to BBVA Research, these remittances reached close to $65 billion in 2024, a historic record and a testament to the possible market size for this initiative.

Read more: Bitso Report Shows Argentines Leading Stablecoin Adoption in Latam

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