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Tether’s stablecoin pegged to the Mexican peso fails to convince

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In May of this year, Tether ventured into Mexican territory with a stable currency anchored 1:1 to the Mexican peso for its acronym (MXN₮)presenting itself as Tether’s first foray into Latin America, with the aim of taking advantage of a growing adoption of digital assets in Mexico in which 40% of Mexican companies were willing to use cryptocurrencies as payment methods, according to reports.

Mexican Tether news!

Although the option of anchoring Tether to the Mexican peso was highly attractive to Mexicans, the truth is that it has been quite the opposite since 2 months after its launch, the (MXN₮) has not been used as expected and the market has not paid much attention to it since as you can see in the following image, there are only 4 wallets with (MXN₮) at the time of writing this article.

official address of MXN₮ on etherscan

For this reason, a small dispute has been created in social networks since many people have branded the project as «Almost nil» and recently Bitfinex CTO Paolo Ardoino expressed his opinion highlighting that the project “is not in a hurry” and that only time will tell if this initiative was successful or not..

In conclusion

Mexicans seem to have more confidence in the main currency of Tether (USDT) as it turns out to be a more liquid option and one that has proven robust over the yearsalthough there is a small percentage that believes in the project and in the vision established from the beginning.

“A stablecoin pegged to the peso will provide a store of value for those in emerging markets and, in particular, Mexico.”

Paolo Ardoino
Bitfinex CTO

Disclaimer: The information found on CryptoReport is that of the cited writers. It does not represent the opinions of Criptoinforma on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk.

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