In 2021 Mexico was the third-largest recipient of remittances worldwide after China and India, with nationals living abroad having sent $51.6 billion to the country, according to the Mexican central bank.

The token will initially be supported in the Ethereum, Tron and Polyong blockchains, the company said. MXNT is Tether’s first foray into Latin America and joins the company’s other pegged coins — USDT (U.S. dollar), EURT (euro) and CNHT (China’s yuan).

The company bills this effort as a “testing ground” in Latin America that it expects will “pave the way” for more fiat-pegged tokens in the region.