Coinspeaker
Latin American E-commerce Giant Mercado Libre Expands Its Dollar-Pegged Stablecoin to Mexico
Following its profitable launch in Brazil in August, Mexican customers will quickly be capable of entry the dollar-pegged stablecoin by way of Mercado Libre’s monetary arm, Mercado Pago, the place customers should purchase and promote totally different cryptocurrencies, together with Bitcoin
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Mercado Libre Expands Entry to New Stablecoin
The corporate’s senior director of product, Juan Vita, announced the growth throughout the modular 2024 occasion in São Paulo, Brazil. Based on him, the newly launched stablecoin would quickly be accessible in Mexico, making it the second nation in Latin America to obtain entry to Meli Dólar after its launch in Brazil.
Given its excessive fee of crypto adoption, Mexico is seen as a strategic marketplace for Mercado Libre’s growth. Based on a current Chainalysis report, Mexico ranks third in Latin America for crypto adoption, adopted by Brazil and Venezuela.
Vita believes that with the nation’s acceptance of digital belongings, increasing entry to Meli Dólar within the area will present customers with a secure different to conventional forex, permitting them to guard their wealth in a secure and accessible method.
Future Prospects: Is Argentina Subsequent?
Whereas the growth into Mexico marks a major milestone for Mercado Libre, the corporate can be eyeing different Latin American markets. Through the Modular 2024 occasion, Vita hinted on the potential for Meli Dólar to launch in Argentina, pending regulatory approval.
Though no particular timeline was supplied, Argentina, like Mexico, is a hotbed of crypto exercise. Residents continuously flip to digital belongings to protect the worth of their cash within the face of financial instability and inflation.
The potential introduction of Meli Dólar in Argentina would additional cement the corporate’s place as a pacesetter in Latin America’s fintech and crypto house. Given the nation’s reliance on digital belongings as a hedge towards inflation, the stablecoin may present much-needed monetary stability to Argentine customers.
A Charge-Free Answer
When the stablecoin was launched in August, Mercado Libre disclosed that it was developed in partnership with Argentina’s crypto trade Ripio. The digital asset goals to offer a safe method for customers to take care of the worth of their cash amid fluctuating native currencies.
The corporate defined that Meli Dólar is absolutely backed by US Treasury bonds and pegged 1:1 to the worth of the nation’s nationwide forex, the US greenback. The stablecoin is designed as a gorgeous possibility for these seeking to protect the worth of their cash in economies vulnerable to inflation and devaluation.
Along with its stability, Meli Dólar provides the comfort of fee-free transactions. Mercado Libre doesn’t cost customers for getting, promoting, or transferring the stablecoin, guaranteeing it stays a cheap possibility for patrons. Customers can use their current balances to purchase the stablecoin straight from Mercado Pago with none added prices.
Latin American E-commerce Giant Mercado Libre Expands Its Dollar-Pegged Stablecoin to Mexico