Mercado Libre Expands Stablecoin ’Meli Dólar’ to Mexico After Brazil Launch
Mercado Libre, a leading e-commerce company in Latin America, has expanded its stablecoin, Meli Dólar, to Mexico following its initial launch in Brazil in August. The dollar-pegged stablecoin is accessible through Mercado Pago, Mercado Libre’s financial services platform, and is aimed at enhancing financial services while offering fee-free transactions. Mexico’s high cryptocurrency adoption rates make it a strategic market, with the country ranking third in Latin America for crypto usage. Mercado Libre plans further expansion into Argentina, where cryptocurrencies are extensively used to counter inflation. Developed in partnership with Argentina’s crypto exchange Ripio, Meli Dólar is fully backed by US Treasury bonds and pegged 1:1 against the US dollar, offering a stable financial option in economies with volatile currencies. This expansion marks a significant step in strengthening Mercado Libre’s digital financial offerings across Latin America.
Bullish
The expansion of Mercado Libre’s stablecoin, Meli Dólar, to Mexico and planned entry into Argentina signals growing adoption and interest in stablecoins within Latin American markets, which could stabilize local economies with unstable currencies. The use of a dollar-pegged stablecoin backed by US Treasury bonds offers traders a financially secure and appealing alternative in times of economic uncertainty, thus potentially boosting crypto market activity and investor confidence.