Latin E-Commerce Giant Launches New US Dollar-Pegged Stablecoin

Mercado Libre, the leading e-commerce giant in Latin America, has introduced a new US dollar-pegged stablecoin through its digital banking service, Mercado Pago.

Named Meli Dollar, this stablecoin is set to provide Brazilian users with a stable and efficient financial tool.

According to the announcement, users of Mercado Pago in Brazil can now purchase and trade Meli Dollar using their accounts in Brazilian reais without incurring additional fees. This development aims to offer a dependable solution for managing finances amid economic uncertainties.

Mercado Libre has been increasingly embracing cryptocurrency, having launched Mercado Coin in August 2022, which enables users to shop and earn cashback on the platform. Additionally, Mercado Pago previously teamed up with Paxos to incorporate its blockchain technology, allowing Brazilian users to handle Bitcoin, ether, and Paxos’ stablecoin, USDP.

The introduction of Meli Dollar will be supported by a partnership with Ripio, a prominent cryptocurrency firm in Latin America. Ripio will handle transactions involving the Meli Dollar, leveraging its trading platform and wallet services. This collaboration extends the existing relationship between Ripio and Mercado Pago, which also saw the development of Mercado Coin.