Mercado Libre to Release a Stablecoin Backed by the USD

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Mercado Pago, the digital bank division of Mercado Libre (MELI), announced on Wednesday that it will launch a stablecoin in Brazil that is tied to the value of the US dollar.

This move aims to provide a convenient and reliable option for financial management to Mercado Pago users in Brazil.

They will be able to purchase and sell the Meli Dollar stablecoin using their Brazilian reais account balances without any additional fees.

In August 2022, Mercado Libre launched its own cryptocurrency, Mercado Coin, allowing users to make purchases on its marketplace and earn cash back.

Prior to this, the company integrated Paxos’ blockchain infrastructure with Mercado Pago, enabling Brazilian users to buy, sell, and hold major cryptocurrencies such as bitcoin, ether, and Paxos’ stablecoin, Pax dollar (USDP).