Ripple and Latin American crypto exchange Bitso are putting a peso-backed stablecoin on the XRP Ledger, targeting what happens to be one of the busiest remittance corridors on the planet. The token, called MXNB, is pegged 1:1 to the Mexican peso and designed to work alongside Ripple’s dollar-backed RLUSD for near-instant cross-border settlement between the US and Mexico.
The move, announced on June 11, marks the first major enterprise deployment on XRPL’s Permissioned DEX infrastructure.
How the pieces fit together
MXNB is issued by Juno, a subsidiary of Bitso, and backed at a 1:1 ratio to the Mexican peso. The reserves are regularly audited by third parties, a table-stakes requirement for any stablecoin that wants institutional credibility in 2026.
RLUSD, Ripple’s US dollar stablecoin that launched on December 17, 2024, handles the American side of the equation. MXNB handles the Mexican side. Both live on the XRP Ledger’s Permissioned DEX, which means a business sending dollars from Texas to a supplier in Monterrey can swap RLUSD to MXNB and settle the payment without touching a traditional correspondent banking chain.
