Umair
Bitso Business has introduced Juno, a new subsidiary dedicated to issuing stablecoins.
The first offering is MXNB, a stablecoin pegged to the Mexican peso and operational on the Arbitrum (ARB) platform, according to a note shared with crypto.news.
The move aims to improve cross-border payments by using blockchain efficiency, reducing costs, and improving transaction speed.
MXNB is fully backed on a one-to-one basis with fiat reserves and will operate within Juno’s ecosystem, which includes the Juno Mint Platform for token management.
Stablecoins in global transactions
Juno will facilitate MXNB’s adoption across payments, remittances, fintech, and institutional use cases. Businesses can convert between MXNB and other stablecoins or use it for fiat transfers via Mexico’s SPEI system.
Ben Reid, newly appointed Head of Stablecoins at Bitso Business, emphasized the importance of stablecoins in overcoming inefficiencies in global transactions.
“Stablecoins provide a fast, cost-effective, and transparent fiat-pegged alternative. MXNB enables global companies to do business in LatAm more efficiently,” he said.
Juno has partnered with Arbitrum, an Ethereum Layer 2 scaling solution, to ensure high-speed, low-cost transactions. Austin Ballard, Partnerships Manager at Offchain Labs, noted that this collaboration would drive product development and expand stablecoin adoption in Latin America.
To ensure transparency, MXNB’s reserves are regularly audited, and Juno adheres to strict operational controls. The Juno Mint Platform offers web-based and API access, enabling token issuance, redemption, and fiat on/off-ramps.
With stablecoin adoption growing, Bitso Business sees Juno and MXNB as key components in improving Latin America’s financial infrastructure.
