Bitso Introduces Juno and MXNB Stablecoins for International Transactions

Bitso Business has launched a new division called Juno, specialized in the issuance of stablecoins.

Their inaugural product is MXNB, a stablecoin tied to the Mexican peso and functioning on the Arbitrum (ARB) network, as stated in a press release provided to crypto.news.

The objective of this initiative is to enhance cross-border payments through the efficiency of blockchain technology, decreasing costs, and accelerating transaction times.

MXNB is fully supported on a one-to-one ratio with fiat reserves and will operate within Juno's ecosystem, encompassing the Juno Mint Platform for token administration. 

Stablecoins in global trade

Juno will encourage the use of MXNB in payment processes, remittances, fintech, and institutional applications. Companies can exchange between MXNB and other stablecoins or utilize it for fiat transfers via Mexico's SPEI system.

Ben Reid, recently appointed as the Head of Stablecoins at Bitso Business, underlined the significance of stablecoins in addressing inefficiencies in global transactions. 

"Stablecoins deliver a swift, economical, and transparent fiat-pegged option. MXNB empowers global enterprises to operate more efficiently in LatAm," he commented.

Juno has teamed up with Arbitrum, an Ethereum Layer 2 scaling solution, to guarantee high-speed, low-cost transactions. Austin Ballard, Partnerships Manager at Offchain Labs, pointed out that this alliance would stimulate product innovation and broaden stablecoin adoption across Latin America.

To maintain transparency, MXNB's reserves are consistently audited, and Juno complies with stringent operational regulations. The Juno Mint Platform provides web-based and API access, enabling token issuance, redemption, and fiat on/off-ramps.

As stablecoin adoption continues to grow, Bitso Business foresees Juno and MXNB playing crucial roles in enhancing Latin America's financial infrastructure.