Mercado Pago has announced the discontinuation of its Mercado Coin cryptocurrency, shifting its crypto strategy towards the Meli Dolar stablecoin.
Customers in Brazil, MercadoLibre's primary market, had been earning Mercado Coins as cashback rewards when purchasing products on the ecommerce platform. The token operated as an integrated loyalty mechanism, linking digital asset rewards directly to consumer spending behaviour on the marketplace.
Mercado Pago stated that its crypto focus has shifted since 2024 to the Meli Dolar, a stablecoin pegged to the US dollar at a one-to-one value. Unlike Mercado Coin, which was native to the loyalty programme, Meli Dolar is available across three markets: Brazil, Mexico, and Chile, suggesting a broader regional role within the group's financial ecosystem.
Shift towards stablecoin infrastructure
According to Reuters, the company described the discontinuation as part of the evolution of its strategy in the crypto space, indicating a deliberate pivot away from a proprietary loyalty token and towards a dollar-pegged instrument with cross-border utility.
Remaining Mercado Coin balances must be sold or used for purchases on MercadoLibre by 17 April 2025. Should no action be taken, outstanding balances will be automatically converted to BRL.
The decision reflects a pattern seen across the fintech sector, where early-stage cryptocurrency loyalty integrations have given way to stablecoin-based models offering greater price stability and regulatory predictability. For a platform operating at MercadoLibre's scale across Latin America, aligning its crypto offering with a dollar-pegged instrument may reduce volatility exposure for both the company and its users.
MercadoLibre has steadily expanded its financial services footprint across the region, with Mercado Pago processing payments, credit, and digital wallets for millions of users. In addition, the transition from Mercado Coin to Meli Dolar signals a more infrastructure-oriented approach to digital assets, consistent with broader industry trends favouring regulated, stable instruments over speculative or reward-based tokens.
