Bitso, the Latin American crypto exchange, is rolling out a stablecoin tied to the Mexican peso — and it's building it on the XRP Ledger. The token, called MXNB, will be paired with Ripple's own RLUSD stablecoin, creating a direct corridor for institutional payments between the United States and Mexico. The move is the result of a partnership between Bitso and Ripple, and it's squarely aimed at cross-border B2B transfers.
MXNB and the XRP Ledger
MXNB is a peso-backed stablecoin, meaning each token is meant to represent one Mexican peso held in reserve. By issuing it on the XRP Ledger, Bitso is tapping into a network known for fast settlement and low transaction costs. The XRP Ledger already hosts several stablecoins and is the native home of Ripple's RLUSD. MXNB will live alongside that dollar-pegged token, enabling direct swaps between the two within the same ledger — no bridging or wrapping required.
Bitso hasn't said when exactly MXNB will go live, but the infrastructure is clearly in place. The exchange already handles a large share of crypto-to-fiat flows in Mexico, so adding a native stablecoin is a logical next step.
Why Institutional Payments
The stablecoin isn't aimed at retail traders. Instead, Bitso and Ripple are targeting institutions that move money between the U.S. and Mexico. That market is huge: remittances alone topped $60 billion last year, and businesses pay billions more in supplier invoices and payroll across the border. Traditional wire transfers can take days and cost 3–5% in fees. A stablecoin pair — MXNB on one side, RLUSD on the other — could settle in seconds for a fraction of a cent.
Bitso already offers crypto-based cross-border services, but a dedicated peso stablecoin on a ledger that also hosts a dollar stablecoin simplifies the process. Companies won't need to convert through a volatile intermediary asset like bitcoin or ether.
The Role of RLUSD
RLUSD is Ripple's own stablecoin, fully backed by U.S. dollar reserves and issued on both the XRP Ledger and Ethereum. By pairing MXNB with RLUSD, Bitso and Ripple are creating a two-currency liquidity pool that mirrors the actual USD-MXN forex market. Institutional users can swap RLUSD for MXNB (or vice versa) within the same ledger, bypassing the traditional banking rails entirely.
Ripple has been pushing RLUSD into Latin American corridors for months. Partnering with Bitso — the region's dominant exchange — gives it an immediate distribution channel for the peso side of the trade.
The exact launch date for MXNB hasn't been announced. What's clear is that the infrastructure is built and the institutional demand is there. The next question is how quickly Mexican banks and payment processors adopt a stablecoin they can actually use end-to-end.
