Bitso Business launches MXNB, a stablecoin pegged to the Mexican peso

Bitso Business has introduced Juno, a new subsidiary dedicated to issuing stablecoins. The first offering is MXNB, a stablecoin pegged to the Mexican peso

Bitso Business, the business arm of leading cryptocurrency exchange Bitso, has launched Juno, a new subsidiary focused on issuing stablecoins. The first offering is MXNB, a stablecoin pegged to the Mexican peso and operating on the Arbitrum (ARB) platform, crypto.news can report.

The move aims to enhance cross-border payments by leveraging blockchain efficiency to reduce costs and increase transaction speed.

Each MXNB token will be fully backed by one peso in fiat reserves, held in a dedicated account and regularly audited by an independent accounting firm.

The stablecoin will be deployed within Juno’s ecosystem, which includes the Juno Mint Platform for token management.

The initiative will facilitate MXNB's adoption across various use cases, encompassing payments, remittances, fintech, and broader institutional domains.

Businesses can seamlessly convert between MXNB and other standard stablecoins like USDC or BUSD, or use it for fiat transfers via Mexico’s SPEI system.

Ben Reid, newly appointed Head of Stablecoins at Bitso Business, highlighted the critical role of stablecoins in overcoming the inefficiencies inherent in traditional global transactions.

“At a time when global businesses are seeking more cost-effective and efficient ways to operate, traditional financial infrastructure falls short. But, as the leading crypto exchange in LatAm, Bitso is uniquely positioned to introduce the innovation needed to fill this gap,” said Reid.

“Stablecoins provide a fast, cost-effective, and transparent fiat-pegged alternative to traditional financial rails. By deploying MXNB, Juno is empowering global companies to do business in LatAm more efficiently and effectively than ever before.”

Juno has partnered with Arbitrum, an Ethereum Layer 2 scaling solution, to ensure high-speed, low-cost transactions. Austin Ballard, Partnerships Manager at Offchain Labs, expressed enthusiasm for the collaboration.

“We're excited to see Juno integrating with Arbitrum to bring a stablecoin pegged to the Mexican peso to the chain,” said Ballard.

“This partnership will not only drive product development but also expand stablecoin adoption in Latin America, ultimately benefitting both our ecosystems.”

To maintain transparency, MXNB's reserves will be subject to regular audits by an independent accounting firm, and Juno will adhere to strict operational controls in accordance with best practices for managing crypto assets.

The Juno Mint Platform provides both web-based and API access, enabling seamless token issuance and redemption, as well as fiat on/off-ramps via Bitso's exchange.

As the use and demand for stablecoins continue to grow, Bitso Business sees Juno and MXNB as integral components in improving Latin America's financial infrastructure.