Bitso to launch Mexican peso-pegged stablecoin on Arbitrum

A stablecoin fully backed by Mexican pesos will be issued and managed by Juno, a newly established subsidiary of the crypto exchange Bitso.

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.

Read more