Mercado Libre launches dollar-pegged stablecoin for Brazilian market

Mercado Libre, Latin America's largest public company by market capitalisation, has unveiled its new dollar-pegged stablecoin, meli dolar.

This development is part of the company's ongoing expansion into the cryptocurrency space and follows its initial cryptocurrency venture in 2022.

The meli dolar stablecoin has been created in partnership with Ripio, an Argentine cryptocurrency exchange.

It is issued by Meli Uruguay S.R.L., a subsidiary of Mercado Libre.

The token is designed to provide a stable digital asset option for users in Brazil, aligning with the company's broader goals of financial innovation and inclusion.

The stablecoin is integrated into the Mercado Pago portal, the payment processing arm of Mercado Libre.

Users can now buy and sell meli dolar through this platform, which allows for stable wallet balances and transactional stability.

Notably, Mercado Libre has opted not to impose any fees for transactions involving the meli dolar, aiming to encourage widespread adoption of the token.

Andre Chaves, Senior Vice President of Mercado Pago, emphasised that meli dolar is an additional tool to complement the existing payment methods on Mercado Libre's platform.

He highlighted the company's commitment to enhancing access to the cryptocurrency world and fostering financial innovation.

In 2022, Mercado Libre launched its first cryptocurrency project in Brazil, known as mercadocoin.

This token was part of a loyalty and rewards program, given to users for purchasing specific items.

Initially priced at $0.10, mercadocoin's value fluctuated based on market conditions.

The introduction of meli dolar marks a significant step for Mercado Libre in its journey through the digital currency landscape, reinforcing its role in financial technology and digital asset management in Latin America.