As an analyst, I can express this in a more personalized and simpler manner:
“By establishing Juno, our latest digital asset subsidiary, Bitso intends to debut the Mexican Peso stablecoin. This innovative coin will be designed to cater to various applications, with a particular focus on simplifying remittances and cross-border payments.
Bitso Introduces Juno, Launches Mexican Peso Stablecoin
The market for stablecoins is becoming more dynamic, as companies are now supporting them with currencies beyond the U.S. dollar. For instance, Bitso, one of the major Latin American exchanges, has unveiled plans to introduce MXNB – a stablecoin aimed at making the Mexican peso accessible on the blockchain.
To facilitate the launch of this new stablecoin, Bitso Business has established Juno, a separate entity dedicated to the creation and digital representation of financial assets. The MXNB token was introduced on Arbitrum, a cost-effective and fast Ethereum extension, which are crucial elements for Latin American users who will primarily utilize the stablecoin.
MXNB, a digital currency fully backed by Mexican pesos, serves to streamline various scenarios that are often cumbersome due to traditional financial intermediaries. One of the key applications is cross-border payment settlements. This enables institutions to convert dollar stablecoins into MXNB for hassle-free transactions without requiring the involvement of banks.
Through the introduction of MXNB, Mexican fintech firms will have the opportunity to establish standalone Mexican Peso savings accounts that operate independently on a blockchain, fostering a self-contained digital economy separate from traditional finance (tradfi). Furthermore, this system can be leveraged by remittance service providers, enabling them to reduce operational expenses by utilizing cryptocurrency infrastructure for their transactions.
Ben Reid, leader of Stablecoin Operations at Bitso Corporation, highlighted the practicality of using stablecoins when businesses venture into fresh marketplaces, as they facilitate numerous business processes more efficiently. In a public announcement, he articulated this point.
MXNB simplifies international business for global corporations across Latin America, while Juno is poised to significantly contribute by facilitating the issuance and trading of digital tokens, thereby amplifying the region’s potential.
A Mexican peso stablecoin might achieve a high level of popularity, given the billions that are sent each year from the U.S. to Mexico. According to BBVA Research, these remittances reached close to $65 billion in 2024, a historic record and a testament to the possible market size for this initiative.
Read more: Bitso Report Shows Argentines Leading Stablecoin Adoption in Latam
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2025-03-28 10:01