Mercado Pago recently announced the discontinuation of Mercado Coin, a cryptocurrency that had been used as part of its loyalty program. The company is now focusing on Meli Dolar, a stablecoin pegged to the US dollar.

In Brazil, where MercadoLibre’s primary market lies, customers earned Mercado Coins as rewards for their purchases on the e-commerce platform. This token acted as an integrated loyalty mechanism, directly linking digital asset rewards with consumer spending behavior within the marketplace.

Shift towards stablecoin infrastructure

According to a Reuters report, Mercado Pago is shifting its crypto strategy from proprietary tokens like Mercado Coin to a dollar-pegged instrument designed for broader regional use. The Meli Dolar will be available in Brazil, Mexico, and Chile, suggesting an expanded role within the company’s financial ecosystem.

Customers with remaining Mercado Coin balances are required to sell or use them for purchases on MercadoLibre by April 17, 2025. If no action is taken, these balances will be automatically converted into Brazilian Real (BRL).

This move aligns with industry trends where early-stage cryptocurrency loyalty programs have transitioned to stablecoins for better price stability and regulatory clarity. For MercadoLibre, adopting a dollar-pegged digital asset could help mitigate the volatility risks faced by both the company and its users.

MercadoLibre has continued to expand its financial services across Latin America, with Mercado Pago handling payments, credit, and digital wallets for millions of customers. The shift from Mercado Coin to Meli Dolar reflects a more infrastructure-focused approach to digital assets, in line with industry trends that favor regulated stablecoins.