They present the first cryptocurrency linked to the Mexican peso

It is a stablecoin that will allow users to access different products, applications and services.

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17, 2021

2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

A cryptocurrency backed by the Mexican peso? On Thursday, June 17, MMXN will be available, a cryptocurrency developed by the Moneta Digital platform, which will be supported by the official Mexican currency.

It is a stablecoin that will allow users to access different products, applications and services such as sending remittances, making payments and buying cryptocurrencies. This is the result of an alliance between Moneta and Mexo Exchange.

“In this way, all users will be able to use Mexo as an access bridge for all financial products and applications with MMXN in the future,” they explain in a statement .

What is a stablecoin ?

It is a digital currency that has the characteristic of conserving its price despite the volatility of this market. This is achieved when the cryptocurrency is linked to an official circulation asset that supports its value, in this case it will be the Mexican peso.

“The main objective is to close the gap between fiat currencies and cryptocurrencies, the MMXN was designed and developed as a digital stablecoin linked one to one to the Mexican peso, so that users intuitively understand the price relationship between stablecoin and peso Mexican, as well as keeping the stable value in cryptocurrency without having to withdraw to fiat currency, ”explains Moneta.

In its first phase, MMXN will be directed to the purchase and sale of cryptocurrencies with an initial amount of one thousand pesos.

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