Mexican crypto exchange Bitso announced the launch of a stablecoin backed by the Mexican peso. The new asset will be issued on the Arbitrum blockchain.
Bitso Business, a division of the largest cryptocurrency exchange in Latin America, revealed plans to launch the MXNB stablecoin, which will be fully pegged to the Mexican peso at a 1:1 ratio. The issuance and management of this new digital asset will be handled by Juno, a recently established subsidiary of Bitso.
According to Ben Reid, Head of Stablecoins at Bitso Business, MXNB is designed to facilitate foreign investment and trade across Latin America. He also emphasized that stablecoins offer a more efficient way to conduct business compared to traditional financial infrastructure.
Reid highlighted the company’s commitment to transparency and high standards in managing digital assets. To ensure this, Juno will operate independently from Bitso, conducting regular audits of its reserves and providing public reports.
MXNB isn’t the first peso-pegged stablecoin. Tether introduced its MXNT stablecoin in 2022 on the Ethereum, Polygon, and Tron networks. Other peso-pegged stablecoins, such as MMXN and MXNe, are also available.
The growing popularity of stablecoins in Latin America is driven by macroeconomic instability. Crypto adoption surged in the region in 2022 as citizens sought protection against inflation through digital assets. By 2024, around 30% of Bitso users regularly utilized dollar-pegged stablecoins, while 43% of all remittances in the LATAM region were conducted via digital assets. This year, stablecoins became a key tool for savings protection, international transactions, and business operations across Latin America.
