Brazil is Meli Dólar’s main focus, says Estivariz.
According to the executive, the currency has had “good acceptance” in Brazil.
Ignacio Estivariz, vice president of Fintech services at Mercado Libre, stated that the Meli Dólar stablecoin already has “millions of users” who have received the currency “through the benefits of the loyalty program or because they purchased it.”
In Brazil, the main focus of the Meli Dólar stablecoin, users “are already using this cryptocurrency, both to make purchases and to redeem them for money or hoard them as an asset,” according to Estivariz detailed.
The executive highlighted that “many are buying Meli Dólar as access to a crypto asset based on dollars that they can have in their Mercado Pago accounts.” This interest aligns with Mercado Libre’s objective of offering benefits to users. These benefits include obtaining cashback with Meli Dólarboth when they use the platform and when they pay with a credit card, both within Mercado Libre and outside.
Estivariz explained that the objective is for users to “have benefits when using the platforms.” This is achieved through the synergy that is generated when the benefits are obtained, he indicated.
Furthermore, it is intended that users use the platform more and more. “Every time you make a purchase on the platform or use the card, they receive this cryptocurrency, which they can use to continue making purchases or to have it in their Mercado Pago account,” he added.
Regarding the relationship with the Central Bank of Brazil, Estivariz mentioned that they have a “very close” relationshiplike all financial players.
“The Central Bank here is very open to chatting to understand the products that companies develop and, since all our products are regulated, we have a close working relationship. It is a very innovative Central Bank when it comes to the Fintech segment,” said Estivariz, Forbes Argentina reports.
Mercado Libre has focused on Brazil with its stablecoin, “and we do not have a vision regarding other countries,” the executive clarified. The currency, which was issued in August of this year, as reported by CriptoNoticias, seeks to allow users “to protect their purchasing power in a time of economic volatility.”
This development, announced on August 21, 2024, was carried out in collaboration with the Argentine exchange Ripio. Meli Dólar is available on the Brazilian version of the platform, called “Mercado Livre”, and can be purchased using reais, Brazil’s currency.
In addition to Brazil, Meli Dólar is also available in Mexico, as reported by CriptoNoticias. The intention is to bring the stablecoin to the countries where Mercado Libre operates, remembering that the company has a presence in Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Republic Dominican, Uruguay and Venezuela.
This article was created using artificial intelligence and edited by a human Editor.
