Mercado Pago Discontinues Cryptocurrency Mercado Coin

MercadoLibre's fintech arm, Mercado Pago, has announced that it will discontinue its cryptocurrency, Mercado Coin. The decision is part of the company's evolution in the crypto universe, with a focus on its stablecoin, Meli Dolar. This move highlights the changing landscape of digital currencies and the growing importance of stablecoins.

Mercado Pago launched Mercado Coin in 2022 as part of its loyalty program, allowing clients to earn cashback in the form of cryptocurrency when making purchases on the e-commerce platform. However, since 2024, the focus has shifted to Meli Dolar, a stablecoin priced at a one-to-one value with the US dollar and available in Brazil, Mexico, and Chile.

The discontinuation of Mercado Coin is expected to have little impact on users, as remaining balances can be sold or used for purchases by April 17. If no action is taken, the balance will be converted to Brazilian reais. This move reflects MercadoLibre's ongoing efforts to adapt and evolve in the ever-changing digital landscape.