Bitso releases Arbitrum 'Mexican Peso-pegged' stablecoin

Mexican cryptocurrency exchange Bitso has announced that it will launch a 1:1 stablecoin exchange (SWI) pegged to the Mexican peso (MXN) on the Ethereum Layer 2 network Arbitrum.
On the 26th (local time), Bitso, the company's corporate customer division,
Business announced on the same day through an official statement that MXNB will be issued by Juno, a new subsidiary of Bitso.
"MXNB will be fully collateralized in Mexican pesos and will maintain a reserve in pesos at a 1:1 ratio," the company said.
Juno will operate independently from Bitso and will verify its reserves through regular external audits, which it plans to publish on the MXNB website.
Ben Reid, head of stablecoins at Bitso Business, cited a key use case for MXNB as boosting foreign investment and trade in Latin American economies.
"Global companies face major financial challenges, such as high intermediation costs and inefficient transaction times, in the process of acquiring customers in new markets and processing cross-border payments," he said.
MXNB will provide a more efficient way to solve this."