Every year, approximately $60 billion flows between the United States and Mexico through remittances and cross-border business payments. Most of it still moves through a system built on correspondent banking rails that have not fundamentally changed since the 1970s. Ripple and Bitso are now making a move to change that.
The two companies announced an expansion of their long-standing partnership on Wednesday, with Bitso’s regulated Mexican peso-backed stablecoin MXNB set to be issued on the XRP Ledger and integrated into Ripple’s Payments on Decentralised Exchange infrastructure.
Alongside RLUSD, Ripple’s own dollar-denominated stablecoin, MXNB will power settlement flows across what is one of the world’s highest-volume cross-border payment corridors.
Why This Is Different From What Came Before
The partnership between Ripple and Bitso is not new. The two companies have worked together for years on payment flows across Latin America, covering Mexican peso and Colombian peso payout infrastructure. What is new is the layer they are building on top of it.
MXNB will be integrated into the XRP Ledger’s Permissioned DEX, a compliance-focused environment designed specifically for regulated financial institutions. Unlike open DeFi infrastructure, the Permissioned DEX allows only verified counterparties to access onchain liquidity, making it operationally practical for the banks, payment providers and corporate treasuries that move real money at real scale.
“MXNB was built from the ground up for enterprise settlement,” said Ben Reid, Head of Stablecoins at Bitso Business.
“Its integration into Ripple’s Permissioned DEX infrastructure on the U.S.-Mexico corridor gives institutional counterparties something new: access to peso-denominated liquidity onchain, with the compliance certainty and settlement efficiency that enterprise use cases require.”
Bitso, which processes more than $82 billion in annualised transaction volume through its B2B platform and serves over 2,000 institutional clients, brings genuine scale to the partnership. This is not a pilot program or a proof of concept. It is production-grade infrastructure being extended to one of the most important payment corridors in the Western Hemisphere.
The U.S.-Mexico corridor moves more money than most people realise. It is now moving some of it on the XRP Ledger.