Cryptocurrency exchange Bitso launches stablecoin business, eyes cross-border payments in Latin America

Cryptocurrency exchange Bitso initiates stablecoin business, targeting cross-border payments in Latin America

The newly created subsidiary Juno will first issue a Mexican peso stablecoin on the Ethereum Layer-2 Arbitrum platform.

Christian Sandor | Edited by Steven Alpher Updated 26 Mar 2025 13:39 UTC Published 26 Mar 2025 14:00 UTC

What you need to know:

• Latin American cryptocurrency exchange Bitso is entering the stablecoin market through its subsidiary Juno, which will be engaged in the issuance and management of digital assets, including stablecoins.
• The first token Juno will issue is a fully-backed Mexican peso (MXNB) stablecoin designed to facilitate cross-border payments and financial transactions in the region.
• To support the use of its stablecoin, Juno introduced the Juno Mint platform, which offers APIs and tools for businesses to issue, redeem, and convert MXNB, as well as deposit and withdraw fiat funds into and from Mexico's SPEI banking system.

Bitso, a Latin American-focused crypto exchange, is tapping into the increasingly attractive stablecoin market amid their growing global adoption.

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Bitso Business has created Juno, a subsidiary focused on issuing and managing digital assets, including stablecoins. Bitso Business also recently appointed Ben Reed as its head of stablecoins to further the company’s ambitions in this market.

The first token Juno has issued is a fully-backed Mexican Peso Stablecoin (MXNB), which aims to facilitate cross-border payments and financial transactions between companies in the region. The firm deployed the token on Ethereum layer-2 Arbitrum.

Stablecoins, an asset class worth about $230 billion, have become one of the biggest success stories in cryptocurrency adoption. With prices pegged to external assets, mostly fiat currencies like the U.S. dollar, they provide a cheaper and faster alternative to traditional financial systems for payments, remittances, savings, and currency conversion. They are especially popular in developing countries with large numbers of unbanked people or unstable local currencies. At the same time, regulations are being developed or refined around the world to integrate stablecoins into the global financial system.

“Global businesses face significant financial challenges when servicing customers in new markets and making cross-border payments, including high intermediary costs and inefficient transaction times,” said Bitso’s Reed. “Stablecoins offer a fast, cost-effective, and transparent alternative to fiat and have played a key role in expanding access to overseas markets and transforming payments around the world.

“Juno’s new MXNB stablecoin will help “global companies do business more efficiently in Latin America,” he added.

To support the adoption of its stablecoin, Juno launched the Juno Mint platform, which provides an API and tools for businesses to issue, redeem, and convert MXNB. The service also allows fiat deposits and withdrawals with Mexico's SPEI banking system and stablecoin-to-stablecoin exchanges.

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