Mercado Libre Announces Meli Dolar, an in-House Developed Dollar Stablecoin

Mercado Libre, the largest company in Latin America by market capitalization, has launched its second cryptocurrency project. The e-commerce giant recently released meli dolar, an in-house developed dollar-pegged stablecoin designed for the Brazilian market.

Mercado Libre, the largest public company in Latam by market capitalization, has announced the release of its own dollar-pegged stablecoin, the meli dolar, for the Brazilian market. The development was completed in partnership with Ripio, an Argentine cryptocurrency exchange, and is issued by Meli Uruguay S.R.L., a part of the Mercado Libre group.

Mercado Libre Announces Meli Dolar, an in-House Developed Dollar Stablecoin

Mercado Libre, the largest company in Latin America by market capitalization, has launched its second cryptocurrency project. The e-commerce giant recently released meli dolar, an in-house developed dollar-pegged stablecoin designed for the Brazilian market. The stablecoin was developed in partnership with Ripio, an Argentina-based cryptocurrency exchange, and is issued by Meli Uruguay S.R.L., a company of the Mercado Libre group.

The token is already available as part of the Mercado Pago portal, the company’s payment processing subsidiary. There, users can purchase and sell this stablecoin to maintain a stable balance in their wallets during this first rollout phase.

Mercado Libre will not charge any fees for purchasing, selling, or using meli dolar for making transactions, a differentiating factor focused on increasing the adoption of the new token. However, no details on the blockchain project in which the token is issued were released.

Andre Chaves, Senior Vice President of Mercado Pago, stated that this was yet another option coming to complement the payment methods already available on Mercado Libre’s platform.

He stated:

The digital bank of the Mercado Libre group continues to offer solutions to democratize access to the cryptographic universe and promote innovation and financial development of users.

In 2022, the company also launched its first cryptocurrency project in Brazil, a loyalty and rewards program token called mercadocoin. The token was awarded to users for purchasing certain items on the platform. At its issuance, the token was priced at $0.10, and then it was allowed to float depending on market behavior.

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