Bitso is expanding its payments partnership with Ripple by bringing its Mexican peso-backed MXNB stablecoin onto the XRP Ledger, where it will be used alongside Ripple USD (RLUSD) to support enterprise cross-border settlement between the United States and Mexico.
Mexico City-based Bitso said it will issue MXNB on the XRP Ledger where it will be integrated into Ripple’s Payments on DEX infrastructure and paired with RLUSD stablecoin for dollar- and peso-denominated settlement of enterprise payments.
Money transfers between the US and Mexico comprise the single largest remittance corridor in the world, according to the US Federal Reserve. American goods and services trade with Mexico totaled an estimated $935.1 billion in 2024, up 5.5% from 2023, according to the White House Office of the US Trade Representative.
MXNB will also be integrated into the XRP Ledger’s Permissioned DEX, a platform designed for verified participants that enables access to onchain liquidity and settlement infrastructure.
The companies have partnered on cross-border payment services in Latin America for several years, setting the stage for this latest expansion.
Electronic transfers dominated the $65 billion in US-Mexico remittances made by individuals in 2024.Source: Federal Reserve Bank of Dallas
Related: MassPay taps Coinbase to expand stablecoin payouts
Stablecoins continue to gain ground in cross-border payments
Stablecoin adoption continues to grow across Latin America where Bitso operates directly, including in Mexico, Brazil, Argentina and Colombia, with institutional connectivity in Chile and Peru.
Dollar-backed tokens represented 40% of crypto purchases on Bitso’s platform in 2025, exceeding purchases of any other digital asset category.
Financial institutions and remittance companies have also expanded stablecoin-based payment infrastructure in recent months. In May, Anchorage Digital partnered with Mexico’s Grupo Salinas to support cross-border settlement and treasury operations using stablecoins. The companies said the initiative would use blockchain-based payment rails to facilitate international dollar transfers for financial institutions and businesses.
Earlier this month, MoneyGram unveiled its dollar-backed MGUSD stablecoin on the Stellar blockchain. The company said the token will be integrated into its app via a self-custodial wallet, allowing users to hold dollar-denominated balances, move funds globally and convert them into local currencies.
The push toward stablecoin-based payments comes as cross-border transfers remain expensive. World Bank data showed that sending $200 internationally cost an average of 6.36% in the third quarter of 2025, while blockchain-based settlement can be completed for a fraction of a cent.
Stablecoin adoption has accelerated over the past year, with total market capitalization climbing from around $251 billion in mid-2025 to more than $316 billion in June 2026, according to DefiLlama data.
The global market cap of stablecoins is now more than $316 billion. Source: DefiLlama
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