Bitso Business has launched Juno, a new subsidiary focused on issuing stablecoins.
The initial product is MXNB, a stablecoin that is pegged to the Mexican peso and operates on the Arbitrum (ARB) platform, as detailed in a recent announcement.
This initiative aims to enhance cross-border transactions by leveraging blockchain technology to lower costs and increase transaction speeds.
MXNB is entirely backed by fiat reserves on a one-to-one basis and will function within Juno’s ecosystem, which includes the Juno Mint Platform designed for token management.
Stablecoins in global transactions
Juno aims to promote the use of MXNB across various sectors, including payments, remittances, fintech, and institutional applications. Businesses will be able to switch between MXNB and other stablecoins, or utilize it for fiat transfers via Mexico’s SPEI system.
Ben Reid, who has recently taken on the role of Head of Stablecoins at Bitso Business, highlighted the significance of stablecoins in addressing inefficiencies in global transactions.
“Stablecoins offer a quick, cost-efficient, and transparent alternative that is pegged to fiat currencies. MXNB allows international companies to conduct business in LATAM more effectively,” he remarked.
Juno collaborates with Arbitrum, an Ethereum Layer 2 scaling solution, to guarantee fast and affordable transactions. Austin Ballard, Partnerships Manager at Offchain Labs, indicated that this partnership would further product development and broaden stablecoin adoption in Latin America.
To maintain transparency, MXNB’s reserves undergo regular audits, and Juno follows rigorous operational protocols. The Juno Mint Platform provides web-based and API access, allowing for token issuance, redemption, and fiat on/off-ramps.
As the adoption of stablecoins continues to rise, Bitso Business considers Juno and MXNB to be vital elements in enhancing the financial infrastructure of Latin America.