Bitso Enters Stablecoin Market

Bitso, a crypto exchange focused on Latin America, is venturing into the stablecoin market as global adoption picks up speed.

Establishment of Juno

The company’s business development unit, Bitso Business, has launched Juno, a subsidiary dedicated to the issuance and management of digital assets, including stablecoins. Recently, Bitso Business appointed Ben Reid as the head of stablecoins to lead their efforts in this market.

Launch of MXNB Stablecoin

Juno’s first token is a fully-backed Mexican peso stablecoin (MXNB), designed to streamline cross-border payments and financial transactions between businesses in the region. The token is deployed on the Ethereum layer-2 Arbitrum.

Significance of Stablecoins

Stablecoins are currently a nearly $230 billion asset class and represent a major success in cryptocurrency adoption. Their prices are pegged to external assets, mainly fiat currencies like the U.S. dollar, making them a cheaper and faster alternative for payments, remittances, savings, and currency conversion. They are particularly beneficial in developing countries with substantial unbanked populations or unstable local currencies. Globally, regulations are evolving to integrate stablecoins into the financial system.

Bitso’s Vision

Ben Reid commented, “Global companies face significant monetary challenges when serving customers in new markets and handling cross-border payments, such as high intermediary costs and slow transaction times. Stablecoins offer a fast, cost-effective, and transparent fiat-pegged option and are vital in enhancing access to foreign markets and revolutionizing payments worldwide.”

Reid further noted, “Juno’s MXNB will enable global companies to conduct business in Latin America more efficiently.”

Adoption Support: Juno Mint Platform

To promote the adoption of its stablecoin, Juno has introduced the Juno Mint Platform, which provides APIs and tools for businesses to issue, redeem, and convert MXNB. This service also supports fiat on- and off-ramps through Mexico’s SPEI banking system, as well as stablecoin-to-stablecoin currency exchanges.