Bitso Business, a subsidiary of the Mexican crypto exchange Bitso, has launched a new initiative called Juno, which aims to issue stablecoins across Latin America.

The launch of MXNB represents a strategic shift towards region-specific stablecoins, promoting efficiency and inclusivity in Latin American economies.

Ben Reid, appointed as the head of stablecoins at Bitso Business, emphasized that MXNB aims to enhance foreign investment and trade in Latin America by providing a more efficient alternative to traditional financial systems.

This introduction comes at a critical time, as high remittance costs and limited banking access continue to hinder economic growth in the region.

Challenging economic conditions in Latin America have driven the adoption of stablecoins as a reliable store of value amid high inflation rates.

Juno will operate independently from Bitso, ensuring regular audits of its reserves and providing public attestation reports on the stablecoin's website.

On March 26, 2025, Juno introduced its first product, MXNB, a stablecoin pegged to the Mexican peso, designed specifically for cross-border payments and financial transactions.

Reid highlighted that stablecoins can mitigate the monetary challenges faced by global companies in new markets, making transactions more efficient and transparent.

Mexico has become a significant player in cryptocurrency-based remittances, receiving approximately $61 billion annually, primarily from the US, making it the second-largest receiver globally.

Stablecoins have emerged as a significant asset class, valued at nearly $230 billion, and are increasingly favored for their cost-effective and fast transaction capabilities.

Bitso's report indicated a 9% increase in stablecoin purchases on its exchange, as users turned to US dollar stablecoins like USDC and Tether (USDT) in response to inflation and local currency devaluation.

The Juno Mint Platform will facilitate token issuance, redemption, and conversion, integrating with Mexico’s SPEI banking system for seamless transactions between fiat and digital currencies.