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Tether launches MXNT on Ethereum, Tron and Polygon

 


After starting to tokenize precious metals last year and creating a stablecoin for gold with XAUT, Tether is now expanding its offering. So far, three currencies have been mapped, namely the US dollar (USDT), the euro (EURT) and the Chinese yuan (CNHT).


Now the Mexican peso, represented by the token with the ticker MXNT, is also joining them. Initially, one is limited to Ethereum, Polygon and Tron and thus to three blockchains. Experience has shown that MXNT will soon be at home in other ecosystems as well, if the stablecoin can find enough appeal.


It is currently unclear whether this can be the case at all, because the peso is a comparatively weak currency. As the current crisis on the markets shows, the US dollar is the first choice for many investors.


Latin America is a growth market

Aside from the question of whether it is attractive to hold pesos in a portfolio, the decision is entirely understandable. Because Latin America is generally considered to be very open to cryptocurrencies and Mexico is an important business location.


So there is a lot of potential in the decision to launch a stablecoin whose equivalent value is linked to the peso. For Tether, the launch of MXNT has been positive news for a long time. Due to the crash of Terra and the stablecoin UST, Tether also came under criticism, although many points were not new.


For years, the company has had to defend itself against the suspicion that its stablecoins do not have full coverage. Unlike Terra, however, Tether deposits US dollars or the corresponding currency. In a court case in New York, Tether had to reveal that USDT was not actually covered 1:1 by deposited US dollars. And since last year it has been clear that the coverage will primarily be provided by bonds. A consequence of the New York procedure is the requirement that Tether must publish reports regularly in order to give investors a transparent insight into the business practice.

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