Ripple and digital financial services company Bitso are launching MXNB, a Mexican peso-backed stablecoin, on the XRP Ledger to improve cross-border payments. The stablecoin will work alongside Ripple's USD stablecoin (RLUSD) on a permissioned exchange to provide regulated liquidity for the U.S.-Mexico corridor, one of the world's largest remittance routes, aiming to streamline enterprise settlement and reduce reliance on off-chain conversions.
RLUSD stablecoin integration
- ▪Bitso was an early exchange partner for RLUSD, helping Ripple expand access to dollar-denominated liquidity in Latin America
- ▪The MXNB stablecoin will be used alongside Ripple's dollar-backed stablecoin, RLUSD, to support cross-border liquidity and settlement
- ▪The combination of RLUSD and MXNB on the XRPL Permissioned DEX aims to create regulated, on-chain liquidity infrastructure for enterprise payments
Cross-chain liquidity infrastructure
- ▪Ripple and digital financial services company Bitso have expanded their partnership to launch a Mexican peso-backed stablecoin, MXNB
- ▪The initiative aims to add regulated Mexican peso liquidity for enterprise cross-border payments, particularly in the U.S.-Mexico corridor
- ▪MXNB will be integrated into the XRP Ledger's Permissioned Decentralized Exchange (DEX), which is designed for regulated financial activity with verified counterparties
- ▪The MXNB stablecoin will be issued on the XRP Ledger (XRPL)
- ▪The addition of MXNB could reduce reliance on multiple off-chain conversions for institutions moving funds between U.S. dollars and Mexican pesos
- ▪The launch builds on previous payment infrastructure collaborations between Ripple and Bitso in Latin American countries, including Mexico and Colombia
- ▪The U.S.–Mexico corridor is one of the largest cross-border payment routes globally, handling billions of dollars in remittances and business payments each year
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