Bitso Launches Juno: A New Stablecoin for Cross-Border Payments in Latin America
The newly established subsidiary, Juno, will first issue a Mexican peso stablecoin on Ethereum’s layer-2 platform, Arbitrum.
Key Updates:
- Bitso, a leading Latin American crypto exchange, is entering the stablecoin sector via its new subsidiary, Juno, which will issue and manage digital assets, including stablecoins.
- The inaugural token from Juno will be a fully-backed Mexican peso stablecoin (MXNB) aimed at facilitating cross-border payments in the region.
- To bolster the adoption of its stablecoin, Juno has launched the Juno Mint Platform, which offers APIs and tools for businesses to issue, redeem, and swap MXNB, and inclusive fiat on- and off-ramps with Mexico’s SPEI banking system.
Bitso, a crypto exchange that concentrates on Latin America, is stepping into the burgeoning stablecoin market as global adoption surges.
The company has developed Juno, a specialized segment dedicated to the issuance and management of digital assets, including stablecoins, and has recently appointed Ben Reid as its head of stablecoins to drive its ambitions.
The first token, MXNB, is designed to support cross-border transactions and financial dealings across the region, utilizing Ethereum’s layer-2 Arbitrum.
Stablecoins, now a near $230 billion asset class, represent a major success in crypto adoption, offering an efficient, low-cost alternative to traditional financial systems for payments and remittances, particularly in regions with large populations lacking banking services or unstable currencies. Meanwhile, global regulatory frameworks are evolving to incorporate stablecoins into the financial ecosystem.
“Global companies face significant monetary challenges when it comes to serving customers in new markets and conducting cross-border payments, including high intermediary costs and inefficient transaction times,” said Ben Reid. “Stablecoins offer a fast, transparent fiat-pegged method and are crucial for facilitating access to foreign markets and transforming payments globally.”
He further stated, “Juno’s new MXNB stablecoin will help global companies engage in business within Latin America more efficiently.”
To facilitate the use of its stablecoin, Juno is introducing the Juno Mint Platform to provide tools for businesses for issuing, redeeming, and converting MXNB while also allowing stablecoin-to-stablecoin exchanges.
