Source: ChainanlysisBitso’s Latin America Crypto Landscape report found stablecoin purchases on the exchange had surged by 9% as people turned to US dollar stablecoins such as USDC (USDC) and Tether (USDT) to guard against rising fiat inflation and devaluation of local currencies.“In Latin America, challenging macroeconomic conditions, characterized by high inflation and currency devaluations, drove increased cryptocurrency adoption — particularly stablecoins — as a reliable store of value,” the report said.
Bitso Business’ head of stablecoins, Ben Reid, said a primary use case for MXNB could be to promote foreign investment and trade in Latin American economies by providing a more “efficient way” to do business compared to traditional finance infrastructure.“Global companies face significant monetary challenges when it comes to serving customers in new markets and conducting cross-border payments, including high intermediary costs and inefficient transaction times,” he said.
Related: Circle integrates USDC with national payment systems of Brazil, MexicoWhile USDC and USDT seem to be the most used stablecoins in Latin American countries, several Mexican peso-pegged stablecoins have gone into circulation over the past few years. The most notable is Tether’s MXNT, which launched on Ethereum, Polygon and Tron in 2022.
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Author / Journalist: Cointelegraph by Jody McDonald
The story "Bitso to launch Mexican peso-pegged stablecoin on Arbitrum" has 463 words across 14 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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