Mercado Pago, the digital financial institution unit of Latin America’s largest firm, Mercado Libre (MELI), stated on Wednesday that it’s introducing a stablecoin in Brazil tied to the U.S. greenback.
The corporate stated Mercado Pago’s customers in Brazil will be capable to purchase and promote the Meli Greenback stablecoin utilizing account balances in Brazilian reais with out incurring any charges. The product, stated the agency, “goals to offer a sensible and secure possibility for monetary administration.”
In August 2022, Mercado Libre launched its cryptocurrency, Mercado Coin, to permit customers to make purchases on {the marketplace} and obtain money again. Previous to that, Mercado Libre built-in Paxos’ blockchain infrastructure with Mercado Pago to allow customers in Brazil to purchase, promote, and maintain bitcoin, ether, and Paxos’ stablecoin, Pax greenback (USDP). .
Ripio, a Latin American crypto firm, will function the market maker for transactions made on Mercado Pago, the corporate stated. Ripio, which operates a buying and selling platform and a pockets within the area, amongst different providers, had labored with Mercado Pago to develop Mercado Coin.
The transfer by Mercado Libre comes about one yr after U.S.-based PayPal (PYPL) dropped at market its dollar-based stablecoin, PYUSD, which in latest days has closed in on a $1 billion market cap.
