Mexican Peso, the national currency of Mexico, has been through multiple fluxes, with the introduction of new coins and banknotes adding to its tactical shifts. Mired in a whirlwind of mass appreciation, depreciation, and soaring to seven-year highs against the US dollar, this resilient currency has exhibited impressive strength. Simultaneously, several initiatives are shaping up Mexico's cryptocurrency landscape, marked by Etherfuse and Brale's launch of the
MXN Stablecoin on Solana and Stellar Networks, claimed to be the real MXN Stablecoin.
The
crypto market in Mexico is dominated nearly entirely by Bitso, covering almost 99.5% of total trading. In fact, Bitso has single-handedly processed an eye-popping $1B in crypto remittances between Mexico and the US in 2022.
Remarkably, a partnership between Bitso and Circle aims to facilitate cross-border crypto payments between these two nations. Even Coinbase is extending its footprint in Mexico, enabling local users to make easy crypto cashouts. Other market participants include Paxos and Mercado Pago, engaged in a collaborative venture to grant Mexican consumers access to the Pax Dollar (USDP).
Furthermore, an announcement from Binance has sent ripples through the Mexican crypto community.
Tether has launched another stablecoin, this time tied to the Mexican Peso. Termed as the MXNt, it is available on the Ethereum, Tron, and Polygon blockchains.
Scrutiny over regulations and speculations for upcoming elections in 2024 have had effects on the Mexican Peso, and possible ripple adoption by Mexico's central bank might provide a fresh avenue for the XRP cryptocurrency.
MXN Coin News Analytics from Thu, 20 Oct 1983 07:00:00 GMT to Wed, 21 Aug 2024 21:37:00 GMT -
Rating 6
- Innovation 4
- Information 8
- Rumor 4
