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.
Coinbase is stepping deeper into the worlds of blockchain and AI with a new 16-week startup accelerator, created in collaboration with Founders Factory, Animoca Brands, and Fabric Ventures.
Tether’s tokenized gold product, XAUT, has officially confirmed its reserves, revealing backing of over 246,500 ounces of gold — more than 7.7 tons.
Ethereum is once again at a crossroads, facing mounting concerns about whether its core network can keep up with growing demand.
Former Binance chief Changpeng Zhao, widely known as CZ, recently stirred speculation across the crypto community with a simple, joking tweet: “Hope you bought the dip,” followed by a laughing emoji.