The new stablecoin will provide Mercado Libre customers a new option for managing their finances in Brazil’s volatile economy.
Latin American e-commerce fixture Mercado Libre has issued a dollar-pegged stablecoin in Brazil through its financial arm, Mercado Pago. Brazil is the multinational retailer’s largest market. The new stablecoin is called the Meli Dollar and will be traded through the Mercado Pago app.
Local crypto asset platform Ripio will act as market maker and carry out exchange operations for the stablecoin, Cointelegraph’s Portuguese-language service reported on Aug. 21. No fees will be charged to purchase the Meli Dollar with Brazilian reals from a Mercado Pago account or for trading the stablecoin in the initial phase of its introduction.
Brazil has seen a surge in crypto trading this year, and stablecoins have led the market. The new stablecoin will be a new option for financial management, the issuer emphasized. Mercado Pago senior vice president Andres Chaves said the Meli Dollar offers “an alternative for our customers who want to protect themselves from exchange rate variation.” Ripio co-founder and CEO Sebastian Serrano said:
