Latest news with #Bitso
Yahoo
7 days ago
- Business
- Yahoo
XDC Network, Bitso Business tie up to support US-Mexico remittances
The XDC Network has joined forces with Bitso Business to establish a blockchain remittance corridor aimed at enhancing payment transactions between the US and Mexico. The initiative is expected to utilise blockchain technology to facilitate 'near-instant payments'. This collaboration integrates the XDC Network's ISO 20022-compatible blockchain infrastructure with Bitso Business' fiat conversion services in Latin America. The remittance corridor is designed to offer a alternative to conventional payment methods in the region. The partnership aims to offer low cost remittances, with transactions settling in mere seconds at 'minimal' fees, the company said. It also supports multiple currencies, enabling swift USD to MXN conversions through Bitso's liquidity channels in Latin America. The service is tailored for SMEs, fintechs, and institutions that require efficient payment solutions for international suppliers or payroll. Conforming to ISO 20022-compliant messaging standards, the payment rail is compatible with existing banking systems and regulated entities, in line with XDC's objective to enhance adoption in emerging markets. With over ten years of operational experience, Bitso's APIs and regulatory connections across Latin America expected to add 'interoperability' to the XDC Network. XDC Network Ecosystem Development Amitava Mandal said: "This partnership with Bitso Business marks a major leap toward our mission of bridging traditional finance with blockchain efficiency. Together, we're delivering faster, fairer cross-border transfers that solve real-world challenges in global remittances and SME trade." The XDC Network is an EVM-compatible blockchain focused on tokenising real-world assets, digitising trade finance, and providing infrastructure for cross-border settlements. Bitso Business, meanwhile, offers services including Pay-ins and Payouts in Latin America, Cross-Border payments, as well as Trading and OTC services. "XDC Network, Bitso Business tie up to support US-Mexico remittances " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Forbes
28-03-2025
- Business
- Forbes
'Emerging Market Stablecoins' Are Finding Product Market Fit
Image of a 20 Mexican Peso bill which is equivalent to one US dollar (19.738800 pesos) in Mexico ... More City, on June 2, 2022. - A stable political outlook in the face of uncertainty in Colombia, Brazil and Chile, and an attractive financial yield are encouraging a surprisingly strong Mexican peso, despite the country's tepid economic outlook, experts say. (Photo by Pedro PARDO / AFP) (Photo by PEDRO PARDO/AFP via Getty Images) US dollar-pegged stablecoins like USDT and USDC are all the rage this year, but tokens denominated in local market currencies are starting to find product market fit. Bitso, the Mexico-based crypto platform with operations across Latin America, has launched a new stablecoin pegged to the Mexican peso. Announced at the Merge Buenos Aires conference on March 25, the MXNB stablecoin will live on the Arbitrum network, an Ethereum Layer 2 network that has become a popular rail for stablecoins in emerging market countries. The idea is that MXNB will allow foreign companies doing business in Mexico to more easily convert in and out of Mexican pesos, thereby making it easier to offer products and services to Mexican customers. Similar products have gained traction in the Latin America region as of late. Bitso recently joined forces with Mercado Bitcoin and Foxbit to launch a Brazilian real-pegged stablecoin called BRL1. Brazil's Braza Bank announced a real-pegged token of its own on the XRP Ledger in February. These products join the party of other BRL-paired stablecoins such as BRZ — issued by Transfero, and BRLA — issued by BRLA Digital — that have been operative in the market for several years. USD stablecoins comprise the majority of the market due to their liquidity and convenience. They provide an easy way access to dollars for those seeking a store of value, and are ubiquitous in the crypto trading world. However, soft currencies don't possess these same characteristics, and users don't generally want to hold them for any prolonged period if there are better options available. So why the newfound interest in these stablecoins pegged to local currencies? The short answer is market access. These tokens serve as a bridge for individuals and businesses looking to on and off-ramp into new markets to offer products and services denominated in the local currency. Ben Reid, Head of Stablecoins at Bitso Business, explained: Stablecoins are now understood to be a fast, cost-effective solution to this problem, offering an alternative to traditional fiat rails for expanding access to foreign markets. In this regard, local stablecoins can be seen as the bridge between global capital and local usability. They enable international businesses to collect payments and pay salaries, vendors and customers in local currency and via local payment rails like Pix, in the case of Brazil. Lucas Giorgio, co-founder of BRLA Digital, explained that drop-off rates can be as high as 80% in Latin America when users are forced to transact in US dollars rather than their local currency. For Bitso, these local currency stablecoins are a core component of its business strategy for the remainder of the year. It has launched a subsidiary called Juno, that will live underneath its Bitso Business division, that is focused on issuance and management of digital assets like stablecoins. Bitso Business will also host Latin America's first conference devoted to stablecoins on August 27-28 in Mexico City. Why the newfound interest in non-dollar pegged stablecoins? Ben Reid, Head of Stablecoins at Bitso Business, explained that the value proposition of stablecoins denominated in local currencies is market access for international players. , crypto trading on international exchanges (USD-denominated trading pairs tend to be more liquid)
Yahoo
27-03-2025
- Business
- Yahoo
Crypto Exchange Bitso Launches Stablecoin Business, Eyeing LatAm Cross-Border Payments
Bitso, a crypto exchange focusing on Latin America, is entering the increasingly attractive stablecoin market as global adoption accelerates. The company's business development unit, Bitso Business, has established Juno, a subsidiary dedicated to issuing and managing digital assets including stablecoins. Bitso Business also recently appointed Ben Reid as head of stablecoins to drive the firm's ambition in the stablecoin market. The first token Juno issues is a fully-backed Mexican peso stablecoin (MXNB), aiming to facilitate cross-border payments and financial transactions between businesses across the region. The firm deployed the token on Ethereum layer-2 Arbitrum. Stablecoins, now a nearly $230 billion asset class, have been one of the biggest success stories in crypto adoption. With prices pegged to an external asset, predominantly to fiat currencies like the U.S. dollar, they offer a cheaper and faster alternative to traditional financial rails for payments, remittances, savings and currency conversion. They are especially popular in developing countries with large unbanked populations or fragile local currencies. Meanwhile, regulations around the world are being laid down or advanced to fit stablecoins into the global financial system. "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," Bitso's Reid in a statement. "Stablecoins provide a fast, cost-effective and transparent fiat-pegged alternative and have been instrumental in expanding access to foreign markets and transforming payments worldwide. "Juno's new MXNB stablecoin will help "global companies to do business in Latin America in a more efficient way," he added. To support adoption of its stablecoin, Juno has rolled out the Juno Mint Platform, which provides APIs and tools for businesses to issue, redeem and convert MXNB. The service also enables fiat on- and off-ramps with Mexico's SPEI banking system and stablecoin-to-stablecoin currency exchange.
