Bitso Launches Juno Subsidiary to Issue Mexican Peso Stablecoin
Bitso, a crypto exchange in Latin America, is entering the stablecoin market with its new subsidiary Juno. Key developments include:
- Juno will issue a fully-backed Mexican peso stablecoin (MXNB) to facilitate cross-border payments and business transactions.
- The MXNB token is deployed on Ethereum layer-2 Arbitrum.
- Stablecoins represent a $230 billion asset class, offering cost-effective alternatives for payments and remittances.
- Regulatory frameworks are being developed globally to integrate stablecoins into financial systems.
- Bitso aims to address challenges of high costs and inefficiencies in cross-border payments with stablecoins.
- Juno has launched the Juno Mint Platform for businesses to issue, redeem, and convert MXNB, along with fiat integration via Mexico's SPEI system.