Latin American E-Commerce Giant Mercado Libre Launches U.S. Dollar-Tied Stablecoin

As an analyst, I can share that our company announced Mercado Pago users in Brazil will have the ability to buy and sell the Meli Dollar stablecoin directly from their accounts denominated in Brazilian reais. This transaction won’t incur any fees, which is a significant advantage for users seeking practical financial management options. The product aims to offer a dependable and convenient solution for managing finances.

In August 2022, Mercado Libre introduced its own cryptocurrency, Mercado Coin, which can be used for shopping on the platform and offers cashback. Earlier, Mercado Libre had partnered with Paxos’ blockchain infrastructure to facilitate Brazilian users in buying, selling, and storing bitcoin, ether, and Paxos’ stablecoin, USDP (Pax dollar).

In simpler terms, the cryptocurrency firm based in Latin America, known as Ripio, has been appointed as the facilitator for transactions conducted on Mercado Pago. This was announced by the company itself. Apart from operating a trading platform and digital wallet, Ripio also offers various other services. Notably, it collaborated with Mercado Pago in creating Mercado Coin.

As a crypto investor, I’ve noticed the strategic step taken by Mercado Libre, happening roughly a year after U.S.-based PayPal launched their dollar-backed stablecoin, PYUSD. In recent times, this digital currency has been steadily approaching a billion-dollar market capitalization.