Mexican cryptocurrency exchange Bitso has launched a new MXNB stablecoin pegged to the peso to improve financial processes in Mexico.
MXNB Launch: A Shift for Businesses
Bitso has launched a new stablecoin, MXNB, pegged to the Mexican peso to streamline cross-border payment processing. An independent subsidiary, Juno, will manage and issue the stablecoin, providing independent audit reports for transparency.
Growth of Crypto Remittances in Mexico
Mexico ranks as the second-largest recipient of remittances globally, receiving $61 billion in 2023. The majority of these transfers come from the United States, with cryptocurrency increasingly playing a role in these transactions. Integration of MXNB on the Arbitrum platform makes it an appealing option for remittances and DeFi models.
Rising Stablecoin Adoption in Latin America
The interest in stablecoins in the region is driven by economic instability, inflation, and currency devaluation. MXNB becomes a new option in the growing Latin American stablecoin market, alongside alternatives like MMXN and MXNe.
The launch of MXNB may become a significant step for Mexico's crypto ecosystem, offering more efficient and secure solutions for businesses in the digital economy.
