Millions Already Hold This Latam-Based Dollar Pegged Stablecoin

Mercado Libre, the Latin American e-commerce and financial services giant, has reached a milestone with meli dolar, an in-house distributed dollar-pegged stablecoin. The token, launched in August, is now in millions of wallets, according to Ignacio Estivariz, VP of Fintech Services at Mercado Libre. “We already have millions of users who have received meli dolar through the benefits of the loyalty program or because they purchased it,” he stressed. While the token is part of a cashback and rewards program for users, many are already leveraging it as a substitute for stablecoins like USDT and USDC in Brazil. “Our goal is to democratize access to financial services and these transactions demonstrate this because they can be purchased for one real,” Estivariz concluded.