TechFlow News — Mercado Pago, the digital banking arm of Latin America's largest company Mercado Libre, announced on Wednesday its launch of Meli Dollar, a dollar-pegged stablecoin, in Brazil.
Users in Brazil can buy and sell Meli Dollar at zero cost using their Brazilian real balance within their Mercado Pago accounts. Mercado Pago stated that this product aims to provide users with a practical and stable financial management option. Latin American crypto firm Ripio will serve as the market maker for Meli Dollar trading on Mercado Pago. Ripio previously collaborated with Mercado Pago to develop Mercado Coin.
In August 2022, Mercado Libre launched the cryptocurrency Mercado Coin for use in marketplace purchases and cashback rewards. The company has also partnered with Paxos to allow Brazilian users to buy, sell, and hold Bitcoin, Ethereum, and Paxos’ stablecoin USDP through Mercado Pago.
