Regardless of problems looming over stablecoins, Tether (USDT) reportedly introduced a new crypto asset, which will have a pegging against the Mexican peso on Ethereum (ETH), Tron (TRX) and Polygon (MATIC). 

Specifcally, Tether reportedly revealed that the token will come with the MXNT ticker, and will be a part of Tether’s roster of fiat coins that have pegging against stablecoins, including dollar-pegged USDT, euro-pegged EURT and Chinese yuan-pegged CNHT.

Mentioning insights generated from reports regarding blockchain and crypto demand throughout Mexico-based firms, the stablecoin issuer reportedly shared a belief that a unique opportunity is visible to offer an alternative with a reduced price for asset transfer in the area.

As disclosed by Tether’s chief technology officer, Paolo Ardoino, the recorded crypto usage surge in Latin America was the driving factor that led to their initiative to “expand.” 

He offered further explaination that the roll-out of a stablecoin pegged to the peso will provide the individuals based in Mexico a measure for safekeeping of the value.

“MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.” Ardoino additionally remarked. 

The team further mentioned that the development will offer value to the emerging market, via establishing an environment supporting the testing of onboarding new crypto users in the area. 

Moreover, they noted that this may also set a precedent for the introduction of extra peso-pegged stablecoins.

In early May this year, USDT reportedly displayed a few signs of stress, with its trading price plummeting under $0.99 on a few of the top-tier crypto exchanges. Nonetheless, the Tether chief technology officer assured the community that they are able to withstand the redemption of 300 million USDT tokens in a day “without a sweat drop.”