- Etherfuse has partnered with Brale to launch Real MXN (MXNe), a Mexican peso bond-backed stablecoin on the Solana and Stellar blockchain networks.
- The new stablecoin targets cross-border remittances and redefines the interaction between the Mexican economy and global finance.
Stablecoins account for $161 billion in market cap globally and are among the most traded on most exchanges. However, almost all stablecoins are based on and backed by the US dollar, leaving billions of people who rely on other currencies out. Etherfuse and Brale are seeking to change this for Mexicans, launching Real MXN to redefine remittances, payroll and on-chain finance for the North American nation.
Etherfuse revealed the new stablecoin, which also goes by MXNe, this week, revealing that it will launch on the Solana and Stellar networks. Shortly after, it was made available on Base, the Ethereum Layer-2 network launched by American exchange Coinbase.
According to the Etherfuse team, the new stablecoin will offer fast transactions and low fees, catering to decentralized and traditional financial industries.
Remittances will be a key target market for the stablecoin. Mexico ranked only behind China and India globally for remittances received, which reached over $51 billion last year. However, remittances are still inaccessible to those who need them most, and when they can access them, they pay exorbitant fees to banks and players such as Western Union and Moneygram.
Etherfuse CEO Dave Taylor commented that the new stablecoin “has the potential to revolutionize the way we transact and capture value,” further describing it as a “1,000-yard leap into the future of payments.”
He added:
Finally, MXNe is an opportunity for everyone. Soon we’ll provide tools to Mint, Burn, and use MXNe and enable anyone to take part in the value capture of MXNe that they’ve created.
While unveiling the stablecoin at a recent event, Dave noted that the bond backing it is BBB-rated and will give holders returns of up to 9%. Moreover, the Mexican peso was the best-performing major currency last year, further reducing the risk. For context, crypto holders who turn to yield farming and staking make between 6% and 9% while exposing their portfolios to much riskier activities.
Brale, whose platform allows users to create stablecoins easily, believes the new MXNe stablecoin will “support Mexican merchants and consumers through reduced conversion fees and retaining value in the local community.”
The new stablecoin has received plenty of support from the crypto community, with the Solana team commenting:
Whenever someone tells you there are no real-world use cases in crypto, tell them about stablecoins and how they could help global financial inclusion Seems pretty simple to me.
The Stellar team congratulated Etherfuse and Brale, commenting: “Creating global financial access is kind of our thing. We’re happy to see this cemented.”
Indeed, availing financial inclusion is Stellar’s blueprint. The network boasts over 80,000 onramp locations globally and has partnered with leading players in multiple markets to reach the marginalised. As CEO Denelle Dixon stated at the Paris Blockchain Week recently, the network seeks to ensure money moves around with the speed and cost efficiency of an email.
This is an ambitious goal, and as Dixon acknowledged, it can only be achieved if the blockchain industry works together. While networks like Stellar are miles ahead of rivals in technology, Dixon believes that interoperability would allow the entire ecosystem to gain from each other’s advancements.
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Read More: Etherfuse and Brale Introduce Real MXN Stablecoin on Solana and Stellar Networks