—
Mexico USDT Premium · peg-adjusted · daily fix
— raw premium — before dividing out the global USDT/USD rate
vs the ECB-derived USD/MXN reference rate
What does a digital dollar cost in Mexico, on the world’s largest remittance corridor? This index measures the gap between what USDT costs in pesos on Mexican exchange order books and the global dollar price converted at the reference exchange rate, every trading day. The peso floats freely and is fully convertible, so near-parity is the expected reading and deviations are the story. It is not a remittance-cost comparison and recommends no service. Sister indices: India USDT, India USDC, Brazil USDT, Turkey USDT, Indonesia USDT.
| Exchange | Mid (MX$) | Best bid / best ask (MX$) | Spread | vs index fix |
|---|---|---|---|---|
| loading… | ||||
Methodology v0.1.0 · DRAFT pending calibration and Owner sign-off. Values marked TO BE SET are filled from calibrate.py after roughly 44 hours of live capture; the version number does not change when they are filled, because filling them does not change how a fix is computed.
The Crypto Times Mexico USDT Premium Index (CTPI-USDT-SPOT-MXN) measures how much more (or less) a dollar stablecoin costs in Mexican pesos on Mexican exchange order books than the global dollar price converted at the reference exchange rate, every trading day. Two numbers are published: the raw premium (peso price of USDT versus USD/MXN) and the peg-adjusted premium (the headline), which also divides out USDT’s own small deviation from $1 so that only the Mexico-versus-world gap remains.
What to expect. The peso floats freely and is fully convertible, and the largest venue’s USDT book is deep, so the expected reading is close to zero. A near-parity number is the normal result and is itself information; deviations mark stress in peso liquidity, on-ramp friction or local demand, and are worth reporting precisely because the baseline is quiet. The remittance-corridor framing is context, not a claim: the index measures an exchange price gap, not the cost of any remittance service.
Fix window 06:30–07:30 CST (07:00 ± 30 minutes), published at 07:31 CST (13:31 UTC) by a systemd timer with Persistent=true; if the host is off through the window, the timer runs on boot, finds no samples and refuses to publish. No estimate is ever published in place of a missed fix; a missed or late fix is recorded in the corrections log as a publication-timing entry.
Why 07:00 and not noon. The ECB publishes its daily reference rates around 16:00 CET, which is 08:00–09:00 CST (Mexico City keeps UTC−6 all year). A noon window would always price against that same-day rate, while every other index in the family prices against the prior ECB business day’s rate. Closing the window at 07:30 CST (13:30 UTC), at least thirty minutes before the earliest possible publication, keeps the family’s deterministic rule; the window is also the same hour in UTC as the Brazil fix (12:30–13:30 UTC), so the two Latin American legs are measured together. The rate’s date is cited with every fix.
Official fixes are computed every Monday to Friday (CST). Local public holidays do not pause the index: crypto trades every day, so a Mexican public holiday is an ordinary fix day, priced against the ECB reference rate by the usual rule below. Weekend runs store an indicative point at the same fix time, measured against the last business day’s USD/MXN and marked distinctly on the chart.
The engine that computes this index also computes The Crypto Times India Bitcoin Premium Index, where the global leg moves inside the window; the family rule pairs each venue sample with the reference captured nearest to it in time (within 120 seconds; unpaired samples are counted and dropped, never estimated). For a stablecoin leg the pairing changes nothing materially, but one rule for the whole family is worth more than two.
r = venue_mid_mxn ÷ usdtusd_ref — the USD/MXN rate implied by that venue’s USDT quote.r across its paired samples is the venue observation; the median two-sided peso depth resting within ±TO BE SET bps of mid (stored bands: 50, 100) is the venue weight.TO BE SET two-sided. Exclusions are recorded in the fix’s provenance with the venue’s would-be value.R. A venue must supply real resting depth, not just a printed price, to move the fix.premium_pct = (R ÷ USDMXN − 1) × 100.raw_premium_pct = (observed_mid_median ÷ USDMXN − 1) × 100.value = R × usdtusd_ref (pesos per USDT), where usdtusd_ref is the median of the references actually paired, so that value ÷ (usdtusd_ref × USDMXN) − 1 reproduces the headline premium exactly from the figures on the page.An official fix requires at least TO BE SET eligible venues, a publishable USD/MXN reference within the carry ceiling, at least one paired USDT/USD reference, and no existing official fix for that time. Officials are immutable once written; restatements go only through governance tooling and appear in the corrections log.
two_venue_aggregate; high_venue_dispersion when venue observations differ by more than TO BE SET bps; unpaired_samples(n); insufficient_venues on indicative fixes only.
Candidate venues at launch: Bitso and Binance. Mexico’s spot market is concentrated — Bitso is by far the largest peso venue — so the number of venues included is disclosed with every fix, and a day on which fewer than the minimum qualify produces no official fix. Constituent status is set from measured order-book depth during calibration and reviewed against the family venue policy; the venue-status line and the per-exchange table state, every day, which venues the number includes and why any is excluded. Changes appear in the changelog.
Between fixes the page shows a 5-minute indicative reading computed with the same pairing and aggregation, against the USD/MXN rate in force at the sample. Past 15 minutes without a usable sample the live block shows STALE rather than a stale number. Indicative readings are never part of the daily fix series.
Besides the daily fix, the engine records one reading a day at 12:00 UTC — the same moment for every index in the family (06:00 CST here) — computed exactly as above over 11:55–12:05 UTC (05:55–06:05 CST), against the latest ECB reference captured before the window closes, which is always the prior business day’s rate. It exists so that a future multi-country composite can combine markets observed at the same instant rather than hours apart. It is not this index’s official value and is never part of its fix series; a day on which it cannot be computed is recorded as INVALID with its reason. Around that window the collector samples every 60 seconds whatever the local hour. The series is published at /v1/sync on the engine host.
The methodology version changes only when the way a fix is computed changes — never for display, documentation or the filling of calibration values above. Package versions are separate.
Methodology text: Local public holidays do not pause the index: a holiday is an ordinary fix day, priced against the ECB reference rate by the usual rule; weekends stay indicative. No change to how the fix is computed. Official fixes remain switched off.
Venue discovery (run 23 September 2026): Bitso and the Kraken and ECB references answered as documented, and Binance’s USDT/MXN spot market is confirmed trading, so Mexico meets the two-venue minimum. Official fixes remain switched off.
Index created on the CTPI family engine, configured for USDT/MXN: Bitso and Binance enabled (Binance pending confirmation that a USDT/MXN spot book exists); USDT/USD reference from Kraken paired per sample; ECB USD/MXN denominator; fix at 07:00 CST (06:30–07:30, published 07:31 CST = 13:31 UTC, the same UTC hour as the Brazil fix) so that the prior-business-day rate rule holds; raw and peg-adjusted premiums; the family’s synchronized reading recorded daily at 12:00 UTC (06:00 CST). Official fixes remain switched off ([fix].official_enabled = false) until calibration values are set from live data and the methodology is signed; the daily timer stores indicative (shadow) fixes meanwhile.
No corrections, restatements or publication-timing entries yet. Entries are added here, inside this document, never on a separate page: a missed or late fix is recorded as a publication-timing entry; a change to a published value is a restatement, with the old value, the new value, the reason and the date.
| Date | Type | Fix date | Detail |
|---|---|---|---|
| none recorded | |||