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Bitso Receives Approval For MXNB Stablecoin In El Salvador
Bitso receives regulatory approval from El Salvador's latest digital asset regime for Mexico Peso-backed stablecoin issuance.
MXN stablecoin issuance is set to increase in El Salvador (Marco Reyes / Unsplash)
Bitso has received a license from El Salvador's regulatory authority.
Bitso has officially received a license from CNAD (National Commission of Digital Assets) in El Salvador for stablecoin issuance. The company's subsidiary Nvio Pagos El Salvador now has an approval to issue the MXNB stablecoin backed 1:1 by the Mexican Peso.
As per CoinGecko, the current market cap of MXNB sits at $1.5M. Before this, the issuer was Juno for the MXNB stablecoin, with issuance changes taking effect last month.
Also, MXN to USD FX (Foreign Exchange) conversion and back is one of the most highly converted currency pairs worldwide. With such newer approvals, more LATAM fiat currencies can be issued onchain.
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