Bitso Business, an arm of the Mexican crypto exchange Bitso, will launch a Mexican peso-pegged stablecoin on the Ethereum layer-2 network Arbitrum.
The stablecoin, MXNB, will be issued and managed by Bitso’s newly established subsidiary Juno and will be fully fiat-backed by Mexican pesos on a one-to-one basis, Bitso Business said in a March 26 statement.
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.
Juno will operate independently from Bitso to manage the stablecoin and will conduct regular audits of its reserves, providing public attestation reports on the token’s website.
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Crypto