Mercado Libre, the largest company in Latin America by market capitalization, has officially launched its own dollar-pegged stablecoin, Meli Dolar, initially rolling out in Brazil. The token is issued by Meli Uruguay S.R.L., a subsidiary of the Mercado Libre group, and was developed in partnership with Argentine crypto exchange Ripio. Users can now buy and sell the stablecoin through the company's payment processing arm, Mercado Pago, during this first phase.
Meli Dolar: Zero Fees and a New Stablecoin Player
Meli Dolar is an in-house developed digital asset pegged to the U.S. dollar, designed to provide Brazilian users with a stable store of value and payment tool. In this initial stage, Mercado Libre will charge no fees for purchasing, selling, or transacting with Meli Dolar—a strategy aimed at lowering barriers and driving adoption. The company has not disclosed which blockchain the token runs on, stating that more technical details will be released later.
Partnership with Ripio: Synergy in LatAm's Crypto Ecosystem
The collaboration with Ripio, a well-known Argentine exchange with a broad user base in Latin America, enables Meli Dolar to leverage expertise in compliance, liquidity, and technology. Andre Chaves, Senior Vice President of Mercado Pago, said: “The digital bank of the Mercado Libre group continues to offer solutions to democratize access to the crypto universe and promote financial innovation and development.” He stressed that Meli Dolar complements existing payment methods, not replaces them.
From Mercadocoin to Stablecoin: A Brief History
This is not Mercado Libre's first crypto project. In 2022, the company launched mercadocoin, a loyalty and rewards token in Brazil. Users earned mercadocoin by purchasing certain items; it was initially priced at $0.10 and later allowed to float. Unlike mercadocoin, Meli Dolar is directly pegged to the dollar, positioning it in the stablecoin sector and signaling the company's focus on stable value instruments.
Market Impact and Outlook
As Latin America's largest public company, Mercado Libre's stablecoin entry could have broad implications. Brazil is the region's largest economy and a country with high crypto adoption. The combination of zero fees and deep integration with the Mercado Libre ecosystem (including e-commerce and financial services) may drive daily use of stablecoins for payments and savings. Analysts believe this move further cements Mercado Libre's leading position in digital finance across Latin America.