Mercado Pago, the financial services arm of Mercado Libre, partnered with crypto startup Ripio and launched Meli Dólar in Brazil.
The stablecoin is tied to the value of the US Dollar, offering protection against local currency fluctuations, and can be bought directly on the Mercado Pago app. Customers can also transact Meli Dólars on the Mercado Pago platform with no fees.
Meli Dólar aims to provide customers with the possibility of easily acquiring an asset through Mercado Pago’s app to protect against rate fluctuations. Customers can also transact Meli Dólars on the platform without fees.
“The digital bank of the Mercado Libre group continues to offer solutions to democratize access to the crypto universe and promote innovation and financial development for users,” said André Chaves, SVP and Brazil Country Head at Mercado Libre.
Founded in 2023, Ripio will act as a market maker providing liquidity to the stablecoin and operating the exchange Mercado Pago, which has over 48M clients.
Read more on Forbes and LatamFintech Hub.
