Bitso announced it obtained a license from El Salvador’s National Commission of Digital Assets (CNAD) for Nvio Pagos El Salvador, S.A. de C.V. to act as issuer of MXNB, a Mexican peso pegged stablecoin.
According to the company, the licensed entity now handles both issuance and management of MXNB. Bitso frames this as the first Latin American currency backed stablecoin operating under CNAD regulation.
Why it matters
In the source text, CNAD is described as El Salvador’s independent regulator for the digital asset industry and “recognized globally as a benchmark regulator” for stablecoin issuance. The announcement also claims CNAD uses “one of the world’s most rigorous and up-to-date legal frameworks” for this asset class.
Bitso says routing MXNB issuance through Nvio Pagos El Salvador lets each token meet CNAD requirements for reserve backing, transparency, and operational oversight. It also compares those standards to those governing “the largest stablecoins in global circulation.”
Separate from the licensing claim, the announcement points to a regulatory angle: El Salvador, per the “Crypto Asset Risk Report 2025” cited in the text, is said to offer a “predictable and consistent regulatory environment” for crypto assets.
Market impact
The source text adds macro context. It says the stablecoin market has surpassed US$230 billion in market cap and supports “trillions in annual transaction volume.” Within that growth, Latin America is described as one of the fastest-growing regions for digital asset adoption, but with a “fragmented regulatory landscape still in consolidation.”
By tying MXNB to CNAD’s framework, Bitso positions the move as a regulatory signal for Latin American operators who want to operate under clearer supervision. The company also argues that CNAD’s approach matches the regulatory environment that governs major stablecoins globally.
What to watch next
The announcement includes several implementation details that readers can use as checkpoints:
- Reserve backing. MXNB is described as fully backed on a one-to-one basis against fiat reserves.
- Audits. The text says MXNB is regularly audited by independent third parties.
- Use cases. Bitso lists cross-border payments, remittances, merchant and fintech digital payments, and stablecoin-to-stablecoin FX conversions.
- Operational oversight. Bitso claims CNAD requirements cover security and transparency for issuance.
Daniel Vogel, CEO and co-founder of Bitso, is quoted in the release saying the CNAD license extends Bitso’s approach to building crypto infrastructure with “coherence” and “sustained over time.” He also says MXNB is meant to be trusted by “millions of people and thousands of institutions across the region.”
millions of people and thousands of institutions across the region.
MXNB and the CNAD license, key facts
| Item | What the release says |
|---|---|
| Issuer license | CNAD license for Nvio Pagos El Salvador, S.A. de C.V. to issue MXNB |
| Stablecoin peg | Mexican peso pegged |
| Backing | Fully backed 1:1 with fiat reserves |
| Audits | Regular audits by independent third parties |
| Regulatory body | El Salvador’s CNAD oversees the digital asset industry |
| First claim | First Latin American currency-backed stablecoin to operate under CNAD regulation |
| Listed uses | Cross-border payments, remittances, merchant and fintech payments, stablecoin-to-stablecoin FX |
Bitso closes by describing MXNB as infrastructure for businesses and institutions operating in Latin America, emphasizing speed, cost-effectiveness, and transparency for regional value transfer.
If you track regulatory execution, the next step is straightforward. Watch whether MXNB’s public reserve and audit disclosures remain consistent with the “reserve backing, transparency, and operational oversight” standards Bitso highlights in this announcement.