Mercado Pago introduces US dollar pegged stablecoin in Brazil
The company will not charge fees for Meli Dolar trades, and Ripio will function as the exchange and market maker for these transactions.
Mercado Pago, the financial technology arm of Latin American e-commerce giant MercadoLibre, has introduced a stablecoin called Meli Dolar in Brazil. The new digital currency is pegged to the US dollar at a one-to-one value and is available to all Mercado Pago clients through the company’s app.
The launch expands Mercado Pago’s crypto offerings, including assets like bitcoin and ether. Also, the introduction of Meli Dolar marks Mercado Pago’s latest move into the cryptocurrency market in Brazil, the company’s largest market.
In 2022, MercadoLibre also launched MercadoCoin, a cryptocurrency tied to its loyalty program. Mercado Pago has announced that clients will not be charged fees for trading Meli Dolar, and the crypto asset platform Ripio will facilitate these transactions as an exchange and market maker.
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