Bitso to launch Mexican peso-pegged stablecoin on Arbitrum

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 source: https://cointelegraph.com/news/bitso-launching-mexican-peso-pegged-stablecoin-on-arbitrum?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound