Today, Tether announced in a statement that the abbreviation for the Mexican peso-pegged cryptocurrency will be MXNT and will be printed first on the Ethereum, Tron and Polygon networks.

Tether has launched the 4th fiat-pegged cryptocurrency alongside MXNT, alongside USDT pegged to the US dollar, EURT pegged to the euro, and CNHT pegged to the yuan.

In the announcement, it was emphasized that 40 percent of Mexico-based companies wanted to make the country the crypto center of Latin America, while it was stated that Mexico's billions of dollars of fund flow were seen as a very important opportunity for the use of fixed crypto money. With MXNT, Tether wants to offer a faster and less costly way to transfer funds in Latin America.

MXNT, which will run under, will be a one-to-one crypto asset pegged to the Mexican peso.

Tether USDT

Tether CTO Paolo Ardoino said in a statement on the subject that they saw an increase in the use of cryptocurrencies in Latin America last year. Ardoino claimed that a peso-pegged stablecoin would be a store of value for emerging markets and Mexico.

Tether, which currently manages the largest stable crypto asset of the crypto money markets with a market value of 73 billion dollars, sees its expansion into the Latin American market with MXNT as an important turning point. Tether thinks this initiative will be a pioneer for other fiat-pegged cryptocurrencies in the Latin American market.

Tether had a tough time in the panic that followed the collapse of Terra's alogitmic stable crypto asset UST earlier this month. USDT, which lost its stability for about two days, then recovered, while a $ 15 billion fund outflow was seen this month from the stable crypto money.

During this time, demand for Tether's biggest rival, USDC, has increased. While USDT has a market cap of $73 billion, USDC is right behind it as the second largest stablecoin with a value of $53 billion.