The Bass Business, an arm of the Mexican Crypto Exchange Bass, will launch a Mexican peso-Pegged Stablecoin in the Ethereum Layer-2 Network Arbitrum.
Stablecoin, MXNB, will be released and managed by the newly established subsidiary of the Bass Juno and is fully backed by Mexican Pesos on one-on-one-basis, the Bass Business said in a statement March 26.
The head of the Bass Business’ Head of Stablecoins, Ben Reid, said a major case of use for MXNB could promote foreign investment and trade in Latin American economies by providing a more “great way” to do business compared to traditional financial infrastructure.
“Global companies face important financial challenges when it comes to delivering customers to new markets and making cross-border payments, including high mediator costs and poor transaction hours,” he said.
Juno will operate independently from Bass to manage Stablecoin and conduct regular audits of its reserves, providing public testimony reports on the token website.
Mexico large with remittances
Crypto Research Firm Chainalysis Reported in October That Mexico is an “important country to guard its embrace of cryptocurrency -based remittances.”
The World Bank Attached In June 2023, Mexico received $ 61 billion in remittances each year, mostly from the US, making it the second largest recipient in the world.
The chainalysis found that Latin America was the second fastest growing region in the world behind Sub-Saharan Africa for the amount of crypto transaction received, and from July 2023 to June 2024, Latin Americans received $ 415 billion in Crypto-a year-to-year increase of nearly 42.5%.
Source: Chainanlysis
Latin America crypto landscape report found stablecoin purchases in exchange has moved on by 9% While people turn to the US dollar stablecoins like the USDC (USDC) and tether (USDT) to guard against rising fiat inflation and lowering local currencies.
“In Latin America, the challenging macroeconomic conditions, characterized by high inflation and money appreciation, has increased the increase in cryptocurrency adoption – especially stablecoins – as a reliable value store,” the report said.
Related: The Circle combines the USDC with Brazil’s National Payment Systems, Mexico
While USDC and USDT seems to be the most used stablecoins In Latin American countries, many Mexican peso-pegged stablecoins have been in circulation in recent years.
The most noticeable -noticing is Tether’s mxnt, which Launched in Ethereum, Polygon and Tron In 2022.
The other smaller players in the peso-pegged stablecoin market are included MMXN.
