Mexican Peso Tether

Tether's reach extends past the dollar to Mexico's peso. MXNT is its Mexican peso token, each unit tracking one peso rather than a dollar, launched in 2022 as the company's first move into Latin America. Like Tether's other coins it is a fiat-reserve stablecoin issued by the Tether group, aimed squarely at Mexico's remittance corridor, one of the largest in the world. Redemption at par is an institutional affair: approved customers mint and redeem directly with Tether, while everyone else buys and sells MXNT on the secondary market. It is an offshore issuance with no dedicated peso stablecoin license, so holders rely on Tether's reserves and disclosures rather than a local regulator. Tracked here on Ethereum, MXNT never reached the scale of Tether's dollar franchise, staying a niche instrument for peso-denominated onchain transfers and cross-border payments.