What is the Ripple and Bitso MXNB stablecoin on the XRP Ledger?

The full answer

A stablecoin is a token that tracks a currency, and MXNB tracks the Mexican peso. On June 9, 2026, Ripple announced that Bitso’s MXNB “will be issued on the XRP Ledger (XRPL)” and added to Ripple’s Payments on DEX service.[1] Ripple said MXNB, together with its dollar stablecoin RLUSD, would support settlement for enterprise payments across the US-Mexico corridor, and that MXNB would sit on the ledger’s Permissioned DEX.[1]

What exactly did Ripple and Bitso announce?

The release describes a plan, written in the future tense. It calls the step “the next phase” of a partnership that already covered Mexican peso (MXN) and Colombian peso (COP) payout flows.[1] Silvio Pegado, Ripple’s Managing Director of LATAM, is quoted: “By bringing together RLUSD and MXNB on the XRPL Permissioned DEX, we’re helping create regulated, onchain liquidity infrastructure purpose-built for enterprise cross-border payments.”[1]

Only two tokens are named: RLUSD and MXNB. The release does not describe XRP as a bridge or settlement asset in this flow.[1] crypto.news reported on June 11, 2026 that XRP Ledger validator Vet said in a post on X that MXNB will trade alongside RLUSD on the network.[6]

Who issues MXNB, what backs it, and who regulates it?

The Bitso group’s own documents disagree on the issuer. Bitso Business’s product page, checked September 29, 2026, says MXNB is “Issued by Juno, a Bitso company” and that each token “is backed 1:1 by Mexican pesos and cash equivalents held in regulated institutions.”[3] A Bitso announcement dated May 6, 2026 says a different entity, Nvio Pagos El Salvador, S.A. de C.V., received authorization from El Salvador’s National Commission of Digital Assets (CNAD) and “now becomes responsible for the issuance and management of MXNB.”[4] Coinspeaker, in June 2026, still described Juno as an authorized electronic payment institution under Mexico’s Fintech Law.[5]

The reserve checks are also described in more than one way. Bitso’s page mentions “quarterly attestations by independent third-parties” and, elsewhere, “monthly attestations by a Big Four auditor.”[3] Pharos, a site that rates stablecoins, names quarterly valuation reports by BDO Mexico and says the report “expressly does not confirm reserve accounts with banks and expresses no assurance opinion.”[8] Neither reserve report was opened for this page, so it does not settle which description is current.

Is MXNB live on the permissioned DEX, and how much has traded there?

No public count exists yet. Coinspeaker wrote on June 24, 2026 that MXNB “is now deployed within XRPL’s Permissioned DEX,” but gave no supply or trade figures.[5] RWA.xyz, in data as of September 29, 2026, tracked about $2.57 million of MXNB, spread over four other networks, with no XRP Ledger entry.[7] Pharos, updated September 7, 2026, listed five networks, also without the XRP Ledger.[8] A tracker can miss a new network. The absence is a gap in public data and does not prove that no MXNB exists on the ledger.

How does the permissioned DEX decide who can trade?

A permissioned DEX is a closed market inside the ledger’s exchange. XRPL.org says “a permissioned domain controls who can place and accept offers,” and that each domain “acts as an allow-list.”[2] Orders placed there can only execute against orders in the same permissioned DEX.[2] Crypto Briefing reported on February 18, 2026 that the ledger had activated the Permissioned DEX amendment (XLS-81), built on Permissioned Domains, which went live earlier that month.[10] The page on the ledger’s compliance tools for institutions covers how domains and credentials work.

Where could XRP fit in a dollar-to-peso trade?

On the open ledger, a token-to-token payment “can automatically use XRP to bridge the tokens, when it decreases the cost,” and XRPL.org’s own example is USD to XRP to MXN.[9] Inside a permissioned DEX the same rule holds only if the XRP orders sit in that same DEX, and AMM pools cannot fill permissioned trades.[2] So an RLUSD-to-MXNB trade there uses XRP only if approved traders post XRP orders inside the domain. Whether that happens is not public. The mechanics are covered in whether an RLUSD payment can route through XRP automatically.

Could MXNB let US-Mexico payments skip XRP?

That is the strongest reading against XRP in this story. Ripple’s own announcement pairs a dollar token with a peso token and leaves XRP out.[1] This site’s reading (Analysis): because XRPL.org says auto-bridging uses XRP only “when it decreases the cost,”[9] direct RLUSD and MXNB orders that are cheaper than an XRP path would leave XRP unused. The argument is set out in the risk that stablecoins bypass XRP. For comparison, earlier US-Mexico flows that did use XRP show what the older setup looked like.