Bitso has secured regulatory approval in El Salvador for the issuance of MXNB, making it the first Latin American currency-backed stablecoin to operate under the country’s National Commission of Digital Assets (CNAD) framework.
The milestone positions MXNB — a Mexican peso-pegged stablecoin — under one of the most closely watched regulatory structures for digital assets globally, as stablecoins increasingly become a core part of cross-border payments and financial infrastructure across Latin America.
The approval was granted to Nvio Pagos El Salvador, S.A. de C.V., the entity responsible for issuing and managing MXNB under CNAD supervision.
Aligns Strictest Stablecoin Frameworks
El Salvador’s CNAD has emerged as one of the most comprehensive regulators for digital asset issuance, particularly around stablecoins. The framework imposes strict standards around reserve backing, operational oversight, and transparency.
By moving MXNB issuance under CNAD regulation, Bitso is signaling a broader push toward institutional-grade compliance in the region’s growing stablecoin sector.
“Eleven years ago, we decided that the way to build in crypto was the same way you build any serious financial infrastructure — with coherence between what you say and what you do, sustained over time,” said Daniel Vogel, CEO and Co-founder of Bitso.
“The CNAD license is a direct extension of that. We looked at the most robust stablecoin frameworks in the world and chose to operate at that standard, because MXNB is meant to be an infrastructure that millions of people and thousands of institutions across the region can trust,” he added.
The move comes as the global stablecoin market has surpassed $230 billion in market capitalization, with Latin America becoming one of the fastest-growing regions for crypto and digital payment adoption.
Stablecoins Gain as Financial Infrastructure
MXNB is fully backed 1:1 by fiat reserves and is designed to support institutional and enterprise-grade use cases, including cross-border payments, remittances, merchant settlements, and stablecoin-based foreign exchange conversions.
Bitso said the stablecoin aims to provide businesses and financial institutions with a faster and more transparent way to move money across Latin America while reducing friction tied to traditional banking rails.
The company also emphasized that reserves supporting MXNB are regularly audited by independent third parties to maintain transparency and trust.
As stablecoins increasingly evolve from speculative crypto assets into payment infrastructure, firms across the industry are racing to establish compliant frameworks that can support mainstream financial activity.
El Salvador Continues Expanding
The development also reinforces El Salvador’s growing role as a global hub for crypto innovation and digital asset regulation.
The country became the first jurisdiction to establish a dedicated independent regulator focused entirely on digital assets, with the CNAD framework increasingly referenced by companies seeking regulatory clarity.
“El Salvador has done something rare: built a regulatory framework that takes digital assets seriously on their own terms, with clear rules and real supervision,” Vogel said.
“That kind of clarity is what allows serious operators to build with a long horizon. We’ve been building in Latin America for over a decade, and this license deepens a long-term commitment to El Salvador and to the ecosystem the CNAD is shaping.”
Latin America’s Stablecoin Market Continues to Expand
The approval arrives at a time when stablecoin adoption across Latin America continues accelerating, driven by inflation concerns, remittance demand, and growing interest in blockchain-based financial infrastructure.
While regulatory approaches across the region remain fragmented, companies like Bitso are increasingly seeking alignment with globally recognized frameworks to attract institutional participation and long-term adoption.
With MXNB now operating under CNAD oversight, Bitso is positioning the stablecoin as a regulated digital payment rail aimed at supporting the next phase of crypto-powered financial services across Latin America.
Also read: BNY Partners With Finstreet and ADI to Launch Digital Asset Custody in Abu Dhabi
