- Tether’s decision to release new virtual assets pegged to Mexican peso will be a blessing to cryptocurrency adoption in Latin American nation.
- Tether has identified an escalating demand, the organization made an announcement on Thursday regarding release of a stablecoin.
- The route Bitcoin becoming legal tender in Mexico will be more complex than in South American nation El Salvador.
A New Stablecoin In Market
Decision of Tether (USDT) to release a latest virtual asset tied to Mexican peso is going to be a blessing to cryptocurrency adoption in Latin American nation by offering more onramps to USDT, as per Paolo Ardoino.
In an interview with a news website, he said that the reason he arrived to Davos was to show the utility of crypto.
He stated that he did not took part to meet the big CEOs of the organizations, but he joined it to send a clear message that there is a great world out there which requires crypto in a secure way.
USDT has recognized an escalating demand in crypto as well as stablecoin products in Mexico, specifically among businesses. To meet the demands, the firm made an announcement on Thursday that it will release a new stablecoin backed by Mexican peso on Ethereum (ETH), Polygon (MATIC) and Tron (TRX) ecosystems.
Calling USDT as a bridge to the crowned asset Bitcoin, Paolo Ardoino stated that he thinks the stablecoin tied to dollar is going to become a success in onboarding the upcoming 2 billion users.
However, in order to bridge more folks to USDT, his organization should work with domestic banks by providing “other flavors of USDT.”
When questioned regarding prospect of Mexico accepting Bitcoin as legal tender, that became a unique possibility after a Mexican Senator forwarded an idea of making crypto regulations based on South American nation El Salvador’s Bitcoin Law.
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Paolo Ardoino said that he is bullish on the case that several nations will need, sooner instead of later, to adopt Bitcoin.
However, path to the crowned asset Bitcoin becoming the legal tender in Mexico will be more complex than in El Salvador as the former already has an official currency.
So while, BTC may not attain the status of legal tender soon, it might become a “de facto legal tender” which is utilized along with the peso.
Source: https://www.thecoinrepublic.com/2022/05/27/paolo-ardoino-thinks-tether-products-will-bridge-users-to-usdt/