Bitso launches $65B Mexican peso stablecoin on Arbitrum

Bitso, a Latin American cryptocurrency exchange, has introduced MXNB, a Mexican peso-backed stablecoin, on the Arbitrum (CRYPTO:ARB) network.  

The stablecoin, issued through Bitso’s new subsidiary Juno, aims to streamline cross-border payments and remittances in the region.  

MXNB is fully backed by Mexican pesos and leverages Arbitrum’s low fees and fast transaction speeds to enhance accessibility for users.  

“MXNB enables global companies to do business in Latam in a more efficient way,” said Ben Reid, Head of Stablecoins at Bitso Business.  

The stablecoin targets key use cases, including cross-border payments and remittances, which totaled nearly $65 billion from the U.S. to Mexico in 2024, according to BBVA Research.  

By facilitating direct exchanges between dollar stablecoins and MXNB, the initiative reduces reliance on traditional banking systems.  

Mexican fintech companies can also use MXNB to offer peso-based savings accounts, promoting an on-chain economy independent of traditional finance.  

Remittance operators stand to benefit from lower operational costs by adopting cryptocurrency rails for transactions.  

MXNB’s launch aligns with growing demand for stablecoins backed by currencies other than the U.S. dollar.  

Arbitrum’s Ethereum-based rollup technology ensures scalability and efficiency, making it ideal for high-volume transactions in Latin America.  

“Juno will be a key player to issue and exchange digital tokens that can foster the region’s opportunities,” Reid added.  

The initiative reflects Bitso’s commitment to innovation in the digital asset space, particularly in addressing regional financial challenges.  

MXNB’s introduction could significantly impact the remittance market, offering faster and more cost-effective solutions for users.  

The stablecoin also opens new avenues for businesses and individuals to engage with digital assets in Mexico and beyond.  

Bitso’s move underscores the potential of blockchain technology to transform traditional financial systems in emerging markets.  

The launch of MXNB marks a milestone in the adoption of stablecoins for practical, real-world applications in Latin America.  

At the time of reporting, the Arbitrum price was $0.3596.