Nikolas Sargeant
In a bold move to bolster financial inclusion, Bitso, through its B2B arm Bitso Business, has launched the MXNB stablecoin on the Arbitrum network. This token is pegged one-to-one to the Mexican peso, offering a fully fiat-backed solution that brings crypto's stability and reliability to the Latin American market. The launch signals a significant milestone in Bitso's broader strategy of enhancing payment infrastructure and expanding the reach of decentralized finance (DeFi) in emerging markets.
Arbitrum, a high-performance Ethereum Layer 2 network, has been selected as the foundational blockchain partner for MXNB. This collaboration is set to foster the growth of the stablecoin across a wide range of sectors, including payments, remittances, wealth management, gaming, and decentralized finance. Although Bitso had previously worked with Circle to enable cross-border paymentsbetween the US and Mexico, by leveraging Arbitrum’s scalability, Bitso aims to tap into the vast potential of cross-border transactions and digital payments, particularly in the Latin American region where remittance flows are substantial.
The introduction of MXNB aligns with Bitso's vision of increasing access to global financial markets for consumers and businesses alike. With growing interest in stablecoins as a solution to volatile local currencies, the launch offers a more secure and efficient method of transferring funds across borders. Bitso's transparent and segregated custody model ensures that the reserves backing MXNB are fully compliant with the highest standards, providing users with both security and confidence in the token’s value.
The move also brings with it the appointment of Ben Reid as the new Head of Stablecoins at Bitso Business. Reid’s leadership will focus on accelerating the adoption of stablecoins in emerging markets, where he aims to improve payment systems and drive the development of fintech solutions. This strategic initiative not only strengthens Bitso's position in the digital asset space but also underlines the growing role of stablecoins in shaping the future of global finance.
