MXNB, the Mexican peso stablecoin, explained

Nearly every stablecoinA cryptocurrency designed to hold a stable value, pegged 1:1 to a currency such as the dollar or the peso. you've heard of tracks the US dollar. MXNB is the Mexican exception: a token meant to be worth exactly one peso, issued within the Bitso group. If you run a business that pays Mexican suppliers, receive pesos from clients, or simply saw MXNB in your Bitso app, the short answer is this: it's a way to hold pesos on a blockchain and move them at any hour, in minutes, between compatible wallets and platforms.

The longer answer has nuances that most coverage skips: who can actually use it, what the Bank of Mexico thinks of peso stablecoins and what a proposed law, modeled on the US GENIUS Act, would change.

What MXNB is and who issues it

Bitso announced MXNB in March 2025 through Juno, a group company focused on stablecoin infrastructure. The token launched on ArbitrumA layer-2 network on top of Ethereum: it processes transactions off the main chain and settles them on Ethereum at much lower cost., and Bitso Business's product page now lists Ethereum and Avalanche as well. Bitso's help center also mentions withdrawals on Base.

In May 2026, Bitso announced that El Salvador's National Commission of Digital Assets had licensed Nvio Pagos El Salvador to act as MXNB's issuer. In other words, the regulated issuer of Bitso's peso token sits in El Salvador, not Mexico. That matters: Mexico currently has no regime that lets anyone issue a peso stablecoin, which is exactly what the bill described below would create.

In June 2026, Ripple and Bitso announced that MXNB would also be issued on the XRP Ledger, inside a permissioned decentralized exchange designed for verified institutional participants. The stated goal is US–Mexico business payments, pairing MXNB with RLUSD, Ripple's dollar stablecoin.

How the 1:1 backing works

The promise is simple: for every MXNB in circulation there's a peso, or a cash equivalent, held at regulated financial institutions. Bitso says reserves are checked through independent third-party attestationsA report from an outside accountant confirming that reserves existed and covered tokens in circulation on a given date. Narrower than a full audit.. Its own page isn't consistent on frequency: one section says quarterly, another mentions monthly verification by a Big Four firm. If that matters to you, find the latest report before moving a large amount.

What sets MXNB apart is that everything runs through SPEI, Mexico's real-time interbank transfer system. A business with a Juno account sends pesos to an assigned CLABE and receives the same number of MXNB. That's called mintingMinting: creating new tokens in exchange for depositing the money that backs them., and Bitso says it's free. Redemption reverses it: the MXNB is burnedBurning: destroying tokens to remove them from circulation when someone redeems them for the underlying money. and pesos go out by SPEI to a bank account or to a Bitso peso balance.

Can an individual get MXNB?

Here precision matters, because the official information is spread across several pages. The Bitso Business product page talks about companies: fintechs, remittance firms, wallets and crypto platforms, with an "account manager" involved. It doesn't mention individuals.

Bitso's help center, however, has articles aimed at app users. Based on the excerpts we could access, it describes two ways to get MXNB: converting pesos 1:1 with no fee, or converting another asset at market price. It says an MXNB balance can be used on peso order books such as BTC/MXN interchangeably with MXN, and that only accounts verified with a Mexican government ID can hold a peso balance. That last point matters for foreigners: without Mexican ID, the peso-to-MXNB route is closed and you'd have to convert another asset. We couldn't open the full text of those articles.

What we did verify: Bitso's public list of order books has no MXNB/MXN market. Our honest read is that in-app conversion appears to exist for some accounts, but there's no open market with its own price. Check the convert screen in your app before counting on it.

MXNB versus USDT versus pesos in a bank

The practical takeaway: MXNB doesn't hedge you against the peso, because it is the peso. If you want to hold dollars, the tool is a dollar stablecoin, explained in our USDT guide. MXNB's edge is different: pesos that can travel on a blockchain and be swapped for other digital assets without leaving that system.

What MXNB is used for

Cross-border business payments. A US company paying a Mexican supplier, or a Mexican importer paying a US one, can move between dollar stablecoins and MXNB and settle in minutes, at any hour. This is what Bitso Business pushes hardest, alongside its FX and OTC services. With nearshoring bringing more US firms to Monterrey, Querétaro and the Bajío, this is the use case to watch. Larger flows belong at an OTC desk; see the crypto OTC guide.

Remittances. Many US-to-Mexico remittances already travel as dollar stablecoins and convert to pesos at the end. With MXNB, the last mile can stay on-chain: the recipient gets digital pesos and decides when to move them to a bank. The numbers are in sending money to Mexico with crypto.

Treasury and fintech. Wallets, payment processors and platforms can integrate MXNB by API to offer peso balances that move across networks without waiting on anyone's business hours.

On-chain apps. On Arbitrum and other networks, MXNB can be used on a DEXA decentralized exchange: software on a blockchain that swaps tokens without a middleman holding your money. or in other apps. Risk goes up here: you rely on smart contracts and on enough liquidity. If you explore, use your own wallet and small amounts; the wallets guide has setup tips.

Where the Bank of Mexico stands

Mexican financial authorities have been wary of peso stablecoins for years. In June 2021, the Finance Ministry (SHCP), the Bank of Mexico and the CNBV issued a joint statement saying that peso or foreign-currency balances raised through blockchain schemes are not authorized. The reasoning: issuing a token redeemable for pesos looks a lot like taking deposits, which is reserved for banks and licensed entities.

Circular 4/2019 still bars banks and regulated fintechs from offering virtual assets to the public. In April 2025, Governor Victoria Rodríguez Ceja told the Senate that the central bank keeps a "healthy distance" between the financial system and virtual assets. And in December 2025, a Bank of Mexico report warned that the largest stablecoins could pose systemic risks. That report focused on dollar stablecoins, but it sets the tone for the whole sector. The broader picture is in our guide on whether crypto is legal in Mexico.

The Murat bill: a GENIUS Act for the peso

In May 2026, Senator Alejandro Murat of Morena introduced a bill to regulate "stable virtual assets referenced to the national currency". Sources disagree on the exact date: DPL News says May 7, Expansión says May 4. Murat himself called it a copy of the US GENIUS Act with added penalties, and presented it at a stablecoin conference organized by Bitso.

According to press coverage, the bill would:

• Define a peso stablecoin as a private means of payment, redeemable at face value in pesos, and not legal tender.
• Let only licensed fintech institutions, including electronic payment fund institutions, and banks issue them.
• Require reserves of at least 1:1 against tokens in circulation.
• Make the Bank of Mexico the regulator, with 180 days to issue rules.
• Punish unauthorized issuance or misuse of reserves with 5 to 15 years in prison and fines of 1,000 to 50,000 UMA.

As far as we could find, the bill is still pending in the Senate, with no committee report or vote. If it passes as written, Bitso's model would need to adapt, because issuing would require Bank of Mexico authorization at home. We'll update this guide as it moves.

Risks to understand

MXNB is far steadier than bitcoin, but not risk-free. First, issuer risk: your token is worth a peso only as long as the Bitso group maintains reserves and redemptions work. Second, platform risk: if your MXNB sits on an exchange that freezes your account, you can't move it. Third, technical risk: sending MXNB on a network the receiver doesn't support can lose it, just as with USDT. Fourth, regulatory risk: a new law could change who may issue it and how.

None of this is covered by IPAB, or by the FDIC if you're used to US banking. If you receive MXNB as payment and don't need it on-chain, moving it into pesos in your bank as often as you need is the prudent default.

For the full picture, our top coins in Mexico ranks which coins you can buy directly with pesos and what each is for. And if you're a Mexican tax resident who swaps MXNB into other crypto at a gain, the crypto tax guide explains how to report it.