Marking its entrance into Latin America, Tether USDT has launched a new stablecoin pegged 1:1 to the Mexican Peso. The new stablecoin will initially be available on the Ethereum, Polygon, and Tron blockchains.

The token which is dubbed MXNT is Tether’s fourth fiat-pegged stablecoin after USDT, EURT, and CNHT which are pegged to the US dollar, Euro, and Chinese Yuan respectively.

Tether said the launch of MXNT is a milestone for the company and it will pave the way for more fiat-pegged stablecoins in the region while providing a testing ground for onboarding new users in Latin America.

Paolo Ardoino, the CTO of Tether said in a statement. “Introducing a stablecoin pegged to the Peso will provide a store of value for those in the emerging markets and particularly Mexico.

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