MXNB

Single regulated issuer mints against full peso reserves. Issuance is debt-free and contracts through 1:1 redemption over SPEI rails, but minting is permissioned and discretionary at Juno.

Full-reserve 1:1 peso peg with published attestation reports; peg has held since the 2025 launch. Stability target is parity with the peso itself, a unit with meaningful inflation, and long-run purchasing power is not addressed.

Peso unit of account is fully borrowed, reserves are entirely fiat at Mexican financial institutions, and the redemption loop runs on domestic banking rails. No open interoperability standard.

First peso stablecoin with institutional rails: live since 2025, expanded to the XRP Ledger in June 2026 through the Ripple partnership, used for US-Mexico cross-border settlement. B2B-focused, so direct user and merchant counts stay small.

Centralized issuer inside the Bitso group, custodial reserves, concentrated exposure to Mexican regulation.

Closed corporate governance. Reserve reporting is public; decision-making is not.

Simple full-reserve design backed by a well-capitalized group; structurally run-resistant but young, with no crisis yet survived.

Anyone can hold and transfer the token on-chain, but mint and redemption are KYC-gated business accounts; access is tiered by design.