Bitso, a crypto exchange focusing on Latin America, goes into the increasingly attractive stableecoin market as global adoption accelerates.

The company’s business development unit, Bitso Business, has established Juno, a subsidiary dedicated to issuing and managing digital assets, including stablecoins. Bitso Business also recently appointed Ben Reid as head of stableecoins to run the company’s ambition in the stablecoin market.

The first token Juno editions are a fully supported Mexican Peso StableCoin (MXNB) aimed at facilitating cross-border payments and financial transactions between companies throughout the region. The company released the tokenet at Ethereum Layer-2 Arbitum.

Stableecoins, now an asset class of $ 230 billion, has been one of the biggest success stories in crypto recording. With prices bound to an external asset, predominantly to Fiat currency such as the US dollar, they offer a cheaper and faster alternative to traditional financial rails for payments, transfers, savings and currency conversion. They are especially popular in developing countries with large unkind populations or fragile local currencies. Meanwhile, rules around the world are laid down or argued to fit stablecoins in the global financial system.

“Global companies face significant monetary challenges when it comes to serving customers in new markets and making cross -border payments, including high dissemination costs and ineffective transaction times,” Bitsos Reid in a statement. “StableCeCoins provide a quick, cost-effective and transparent Fiat-Pegged Alternative and has been instrumental in expanding access to foreign markets and transforming payments worldwide.

“Juno’s new MXNB stableecoin will help” global companies do business in Latin America in a more effective way, “he added.

To support the adoption of its stableecoin, Juno has rolled out of the Juno Mint platform that provides APIs and tools for companies to issue, redeem and convert MXNB. The service also enables Fiat On- and Off-Ramps with Mexicos Spei Banking System and StableCoin-to-StableCoin Currency Exchange.