The Meli Dollar is the name of Brazil’s new stable coin. That site was made by Mercado Libre, a major online store in Latin America. It is backed by the U.S. dollar and can be bought at Mercado Pago, the company’s bank. In Brazil’s shaky economy, its goal is to give people a safe way to handle their money.
Meli Dollar came out on August 21. People can use the Mercado Pago app to buy and sell the stablecoin for free in its early stages. Market Libre wants to improve its financial services, and this project is part of that plan. It gives people who want to handle their money more safely another option.
The Meli Dollar will be traded on the local cryptocurrency website Ripio. It’s what will run the market and make sure it’s easy for people to trade. The start of this stablecoin comes at a time when trade in cryptocurrencies is growing quickly in Brazil. At the moment, stablecoins are the most popular type of cryptocurrency.
Senior Vice President of Mercado Pago Andres Chaves says that the Meli Dollar gives customers another way to protect themselves from changes in the value of the dollar. Mercado Libre has already tried to use crypto in the past, like when they let people in Brazil pay with Bitcoin and Pax Dollar in December 2021 and when they released Mercado Coin, a loyalty reward token, in 2022.
There is a lot of growth in the cryptocurrency area, which shows that Mercado Libre wants to give its people new financial goods. With the launch of the Meli Dollar, the company is becoming even more successful in Latin America’s digital economy.
