Through its digital banking service, Mercado Pago, Mercado Libre, the top e-commerce company in Latin America, has launched a new stablecoin anchored to the US dollar.
Meli Dollar is a stablecoin that is intended to offer Brazilian consumers a financial instrument that is both efficient and reliable.
Users of Mercado Pago in Brazil can now purchase and trade Meli Dollar using their Brazilian reais accounts without incurring additional fees, according to the announcement. The objective of this advancement is to provide a dependable solution for managing finances in the face of economic uncertainty.
Mercado Libre has been rapidly adopting cryptocurrency, introducing Mercado Coin in August 2022. This platform allows users to purchase and earn rewards. Furthermore, Mercado Pago has previously collaborated with Paxos to integrate its blockchain technology, which enables Brazilian users to manage Bitcoin, ether, and Paxos’ stablecoin, USDP.
A partnership with Ripio, a prominent cryptocurrency firm in Latin America, will further support the introduction of Meli Dollar. Ripio will utilize its wallet services and trading platform to manage transactions associated with the Meli Dollar. Ripio and Mercado Pago have extended their existing partnership, which also resulted in the development of Mercado Coin.
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