One of Latin America's largest crypto exchanges, Bitso, has officially launched a Mexican peso-pegged stablecoin named MXNB, issued through its newly formed subsidiary Juno. The stablecoin is built on Arbitrum, an Ethereum layer-2 rollup, to facilitate low-cost and rapid transactions for regional users.
MXNB Design and Use Cases
MXNB is fully backed by Mexican pesos held in reserve, ensuring a 1:1 peg. By choosing Arbitrum, Bitso leverages low fees and fast finality — critical for the high-volume, low-value transactions common in remittances and everyday payments. The stablecoin targets three primary use cases: cross-border payment settlement, remittance cost reduction, and on-chain savings accounts for Mexican fintech firms.
Institutional users can swap dollar stablecoins for MXNB to settle payments without involving traditional banks, reducing delays and fees. Remittance operators can adopt crypto rails to lower operational overhead, while Mexican fintech companies can offer fully independent peso-denominated savings accounts outside the traditional banking system.
Market Opportunity and Industry Context
According to BBVA Research, remittances from the U.S. to Mexico reached a record $65 billion in 2024 — a massive total addressable market for MXNB. Ben Reid, Head of Stablecoins at Bitso Business, stated: “MXNB enables global companies to do business in Latam in a more efficient way, and Juno will be a key player to issue and exchange digital tokens that can foster the region’s opportunities.”
The launch marks a shift from dollar-dominated stablecoins toward local fiat-backed alternatives. Bitso previously reported that Argentines lead stablecoin adoption in Latam. MXNB now provides a native peso instrument for the region's largest economy by population. The stablecoin is already live on Arbitrum mainnet, with plans for additional Latam fiat-backed tokens in the future.