What does launching a stablecoin pegged to the mexican peso mean?

The recent launch of MXNB, Juno's stablecoin pegged to the value of the Mexican peso, which is fully fiat-backed on a one-to-one basis against reserves, marks a pivotal moment for cross-border payments in Latin America. Bitso Business is partnering with Juno to deliver a fiat-backed digital currency that forms part of its broader B2B financial solutions built on blockchain technology. This digital asset doesn’t enter a blank slate—over the past few years, several other initiatives have attempted similar ventures, each with different models, technological approaches, and outcomes.

So, what sets MXNB apart from its predecessors? What are the implications for the enterprise payments ecosystem? And more importantly, what role do these stablecoins play in a country like Mexico, where traditional financial infrastructure coexists with a crypto ecosystem that still faces regulatory and adoption hurdles? 

Mexico: a testing ground for local stablecoins 

While most global stablecoins are pegged to the U.S. dollar (like USDC or USDT), Mexico has seen several attempts to create digital assets linked to its local currency. Here are some of the most relevant:

1. MXNT (Tether)

Launched in 2022 by Tether, MXNT was one of the first stablecoins pegged to the Mexican peso. Built on Ethereum, Tron, and Polygon networks, its goal was to provide an entry point for traders and retail users seeking direct exposure to the Mexican marke

 Limitations in the B2B Space:
 Despite being backed by one of the world’s largest stablecoin issuers, MXNT’s institutional adoption has been limited. There is no public evidence of its use in payment platforms or business systems for cross-border operations. Its presence is mostly confined to centralized exchange trading.

2. MMXN (Moneta Digital)

MMXN was developed by Moneta Digital as a project with a strong focus on financial inclusion. Backed by fiat reserves, it aims to facilitate domestic payments and peer-to-peer transfers within Mexico.

A More Retail-Focused Approach:
 Its mission is centered around enabling digital payments in underbanked regions. While a valuable effort, MMXN lacks the robust infrastructure required to support corporate clients or multinational operations.



What does MXNB bring to the table?

MXNB enters the scene with a fundamentally different proposition: to be a strategic layer of digital infrastructure, not just another token. Unlike its predecessors, MXNB was built from the ground up with enterprise needs in mind:

• Real-time settlement with no need for pre-funding, thanks to its deployment on Arbitrum and Ethereum.
• Regular audits, full compliance with KYC/AML policies, and full backing with segregated reserves.
• Direct connection to Mexico’s local payment infrastructure via Bitso Business, enabling seamless integration with the country’s financial and regulatory ecosystem.

Moreover, its design follows an institutional logic: it doesn't aim to compete with the banking system but to complement it through more efficient and transparent technology.

As Ben Reid, Head of Stablecoins at Bitso Business, states:

“MXNB enables global companies to do business in Latin America more efficiently, and Juno will be a key player in issuing and exchanging digital tokens that can foster opportunities across the region.”
 
Data on stablecoins in Mexico

• Growing use of stablecoins: According to the Finnovista Fintech Radar Mexico report, 62% of crypto-focused fintechs in Mexico already use stablecoins, and that number is expected to reach 77% soon, driven by increased use in payments and remittances.
  
  
• Remittance importance: Mexico is one of the top recipients of remittances globally. In 2023, it received USD $63.3 billion in remittances, according to the Bank of Mexico.
  
  
• Bitso’s role in remittances: Bitso processes up to 10% of the total remittance volume on the Mexico–U.S. corridor, underscoring the trust in platforms that incorporate stablecoins to streamline these transfers.

The launch of MXNB positions Mexico as one of the few countries in Latin America where multiple local stablecoin experiments are actively converging. While previous efforts like MXNT and MMXN were more retail-focused or targeted at the crypto-native market, MXNB introduces a regulated, enterprise-grade model aligned with the performance and transparency needs of today’s B2B environment.

More than just a new digital currency, MXNB is a key piece in redefining how financial infrastructure is built in Latin America for the coming years.

Learn more about it on MXNB: the stability of fiat with the power of blockchain