Bitso, a Latin American digital asset firm, says it has been approved to issue Mexican peso-pegged stablecoins MXNB.
Bitso received its approval from El Salvador’s National Commission of Digital Assets (CNAD) for Nvio Pagos El Salvador, S.A. de C.V. to act as issuer of the stablecoin. Bitso said it is the first Latin American currency-backed stablecoin to operate under CNAD regulation.
Bitso states that Latin America is one of the world’s fastest-growing regions for digital asset adoption. At the same time the regions struggles with a fragmented regulatory environment.
Daniel Vogel, CEO and co-founder of Bitso, they looked at the most robust stablecoin frameworks in the world and chose to operate under CNAD.
Bitso claims that El Salvador offers one of the most predictable and consistent regulatory environments for crypto assets in the world. The CNAD’s framework is the same regulatory environment that governs the largest stablecoins in global circulation, making this milestone particularly significant for Bitso and for the broader Latin American digital asset ecosystem.
“We’ve been building in Latin America for over a decade, and this license deepens a long-term commitment to El Salvador and to the ecosystem the CNAD is shaping,” said Vogel.
MXNB is a stablecoin pegged to the value of the Mexican peso, fully backed on a one-to-one basis against fiat reserves, regularly audited by independent third parties.