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Mercado Libre, a leading Latin American e-commerce company, has launched a stablecoin called Meli Dollar through its financial division, Mercado Pago, in Brazil.

The stablecoin will be tradable through the Mercado Pago app.

According to the issuer, the Meli Dollar will provide users with a secure and accessible option for financial management, protecting them from the effects of exchange rate fluctuations.

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Mercado Pago's senior vice president, Andres Chaves, has highlighted the stablecoin will offer an alternative for customers who want to safeguard their purchasing power.

In December 2021, Mercado Libre began accepting Bitcoin, Ether and the Pax Dollar stablecoin (USDP) as forms of payment in Brazil through its Mercado Pago platform.

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