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Tuesday, Feb 07, 2023

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Tuesday, Feb 07, 2023

Mexico’s crypto ownership poised to grow with new Peso-Backed stablecoin by Tether

Data shows only 2.5% of Mexicans use cryptocurrencies, around 3 million people. / Shutterstock

We previously commented on Tether’s new launch of the new stablecoin pegged to the Mexican peso, MXN₮, through the press release they published a few days ago joining their menu of digital assets, the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, and the offshore Chinese Yuan-pegged CNH₮.

 

On the press release, Tether declared, “MXN₮ is a stable digital asset that is pegged 1:1 to the Mexican Peso. MXN₮ was built by the trusted team of developers behind Tether USD₮ and it operates under tether.to.”

 

We also previously reported on the bullish statements made by the third richest man in Mexico about Bitcoin during the Bitcoin Miami 2022 conference, where he revealed the villains of the cryptoverse, besides, he’s been a long-time Bitcoin and crypto supporter.

  • Crypto ownership in Mexico poised to grow in 2022

 

According to a report compiled by the Triple A cryptocurrency payment company, there is great growth potential for the market that, facilitated by MXN₮, will surely move at an accelerated pace.

 

According to the data, only 2.5% of Mexicans –around 3 million people– own cryptocurrencies and data from the leading crypto exchange in Mexico, Bitso, showed a 342% growth in trading volume between September 2019 and May 2020, reaching over one million clients, of which 92% are Mexican.

 

In addition, they report that 40% of Mexican companies are looking for ways to adopt blockchain technologies and cryptocurrency payments in one way or another, profiling Mexico as a prime location for the next crypto hub in LATAM.

 

Perhaps the most attractive reason for the development of cryptocurrencies in Mexico is the reception of remittances from abroad, which has been a business dominated by Western Union –and its fees– leaving the Mexican market feeling exploited and in need of better alternatives, which are coming.

According to data from Blockdata, India, China, the Philippines, Mexico and France made 35% of total remittance inflows in 2017, while the US, UAE, Saudi Arabia, Switzerland and Germany made 44% of total outflows, They also published a comparison between traditional remittance process versus crypto, showing why the crypto remittance alternative is destined to eat the lunch of the former.

 

Comparison between current remittance process versus crypto remittance process. Image by Blockdata.

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