Tether Making Moves in Mexico

While some stablecoins have had major trouble contracting their supply others continue expanding into new markets. 

• Tether recently announced the launch of a new stablecoin, linked to the value of the Mexican peso.
• $MXNT joins USDT, EURT, and CNHT in Tether’s lineup of coins pegged to national currencies.
• MXNT will first launch on the Ethereum, Tron, and Polygon networks with the possibility of expanding to future projects in the future.
• According to crypto payments company Triple-A, 40% of Mexican companies intend on including blockchain adoption and some form of cryptocurrency.
• Along with notorious internal money transfer problems, the flow of remittances into Mexico exceeded $50 billion last year, making it the third-largest recipient of remittances in the world.
• Tether’s foray into Mexico’s market follows cryptocurrency companies like Coinbase, Bitso, and Circle. In February of this year, Coinbase launched a cash-out service in Mexico aimed at reducing fees and making it easier to offramp crypto into fiat currency.

While market cycles and price action come and go, adoption continues its steady growth. Countries, corporations, and consumers keep looking for ways to get into the crypto game. Investors who choose digital assets as part of their portfolios would do well to keep their sites on the destination, not the journey.