search
Homeweb3.0E-commerce Giant Mercado Libre Rolls Out a Stablecoin Targeting 52M Users in South America

The new stablecoin, MELI, is dollar-denominated and can be accessed through the Mercado Pago mobile app. Although the stablecoin appears to comply with local Brazilian regulations, the new offering is expected to be widely adopted across South America.

E-commerce Giant Mercado Libre Rolls Out a Stablecoin Targeting 52M Users in South America

E-commerce giant Mercado Libre has ventured into the world of stablecoins with the launch of a dollar-pegged stablecoin for users of its digital bank, Mercado Pago, in a move that could significantly expand the footprint of blockchain technology in Latin America.

The new stablecoin, dubbed MELI, is accessible through the Mercado Pago mobile app and is designed to be fully compliant with local Brazilian regulations. However, the offering is expected to be widely adopted across South America, with experts estimating that up to 52 million active users in the region will have access to the stablecoin.

Brazil and Argentina are expected to play key roles in the adoption drive, given their large populations and high levels of Mercado Pago usage. The digital bank has seen impressive growth since 2021, and the introduction of stablecoins is likely to further boost user metrics.

Mercado Libre is also offering a sweetener to encourage stablecoin adoption, announcing the removal of transaction fees for users while imposing a 1.5% fee for other digital assets. Notably, Mercado Libre has tapped digital asset service provider Ripio for market making, a company that is known for its partnership with global stablecoin issuer Paxos in the Latin America ecosystem.

Users of the digital bank can buy the Meli Dollar stablecoin with their fiat balance without incurring any additional fees. Apart from improving the state of e-commerce transactions on its platform, the new rollout could introduce the concept of digital assets to new demographics in Latin America.

Moreover, the launch offers users a new option to protect their wealth from the sky-rocketing inflation of their local currencies by turning to the dollar’s stability. In recent years, Argentina has recorded high levels of inflation, exceeding 50% in both 2022 and 2023.

Meanwhile, Brazil and Uruguay have also faced their share of currency devaluation, making the dollar-pegged stablecoin an attractive proposition for many Latin Americans seeking to preserve their purchasing power.

However, critics have raised concerns about the increasing cryptoization of Latin American economies, highlighting the potential challenges that central banks in the region may face in exercising monetary authority.

El Salvador's adoption of Bitcoin as legal tender has already sparked discussions at the World Bank and the International Monetary Fund (IMF) about the possibility of a digital asset chain reaction in the region.

Mercado Libre's stablecoin venture is not a first-time endeavor in the realm of digital assets. In 2020, the e-commerce company participated in Facebook's (NASDAQ: META) Diem stablecoin initiative.

The company fully entered the digital asset space in 2022 with the rollout of MercadoCoin as a customer loyalty program. But Mercado Libre’s integration with digital assets has not been without its setbacks.

In 2019, the company banned digital currency listing on its e-commerce platform following a capital injection from a $750 million investment from PayPal (NASDAQ: PYPL).

The above is the detailed content of E-commerce Giant Mercado Libre Rolls Out a Stablecoin Targeting 52M Users in South America. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Tether (USDT) Issuer Plans to Launch New Stablecoin Pegged to the United Arab Emirates Dirham (AED)Tether (USDT) Issuer Plans to Launch New Stablecoin Pegged to the United Arab Emirates Dirham (AED)Aug 22, 2024 am 12:18 AM

Tether CEO Paolo Ardoino cited UAE's status as a global economic hub as a key factor behind the launch.

Ripple USD (RLUSD) Now in Private Beta Testing on XRP Ledger and Ethereum MainnetRipple USD (RLUSD) Now in Private Beta Testing on XRP Ledger and Ethereum MainnetAug 10, 2024 pm 03:05 PM

Ripple has officially started the private beta testing of its proprietary USD stablecoin project Ripple USD (RLUSD) on the Ethereum mainnet and the XRP Ledger (XRPL).

Paypal's PYUSD Nears $1B MilestonePaypal's PYUSD Nears $1B MilestoneAug 17, 2024 am 06:10 AM

The stablecoin asset issued by Paypal is now the sixth largest stablecoin asset today after growing significantly over the past ten days.

Ripple Advances Its Stablecoin RLUSDRipple Advances Its Stablecoin RLUSDAug 11, 2024 am 03:34 AM

Competing with the giants Tether and Circle, which offer the two most capitalized stablecoins on the market: this is the objective that Brad Garlinghouse

Tether (USDT) to Launch UAE Dirham-Pegged Stablecoin in Collaboration with Phoenix GroupTether (USDT) to Launch UAE Dirham-Pegged Stablecoin in Collaboration with Phoenix GroupAug 22, 2024 am 06:37 AM

Tether announces plans to introduce a stablecoin pegged to the UAE Dirham (AED), in partnership with Phoenix Group and Green Acorn Investments.

Ripple’s Stablecoin Enters Beta Phase On XRP Ledger And EthereumRipple’s Stablecoin Enters Beta Phase On XRP Ledger And EthereumAug 10, 2024 pm 01:12 PM

In a major milestone for Ripple, the company has started testing its game-changing stablecoin, Ripple USD (RLUSD).

Ripple USD (RLUSD) Represents a Pivotal Moment for Digital CurrenciesRipple USD (RLUSD) Represents a Pivotal Moment for Digital CurrenciesAug 10, 2024 pm 06:27 PM

By pegging RLUSD to the US dollar, Ripple aims to offer a stable alternative in the often-volatile world of cryptocurrencies.

Mercado Libre Announces Meli Dolar, an in-House Developed Dollar StablecoinMercado Libre Announces Meli Dolar, an in-House Developed Dollar StablecoinAug 23, 2024 am 09:19 AM

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

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

DVWA

DVWA

Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.