Mercado Libre is shutting down its Brazil-focused ERC‑20 loyalty token Mercado Coin and steering its crypto strategy toward a dollar‑backed stablecoin called “MeliDolar”, reflecting a shift from experimental, closed‑loop crypto rewards to more conventional digital dollars for payments and savings in Latin America. The company has not provided a detailed public explanation for ending Mercado Coin, but the token never developed meaningful use beyond Mercado Libre’s own ecosystem and is now being wound down with an automatic conversion process for users’ balances. Mercado Coin launched in August 2022 in Brazil as an Ethereum‑based ERC‑20 token created with exchange partner Ripio, initially priced around $0.10 and used to give cashback rewards on marketplace purchases that could be spent on the platform or cashed out via the Mercado Pago wallet. Despite early plans to expand across the region, the token remained largely confined to Mercado Libre’s walled garden and did not gain traction on external markets. Mercado Libre notified users via Mercado Pago and email that from April 17, 2026, they will no longer be able to buy, sell, or earn Mercado Coin, though they can still sell their tokens, spend them on purchases, or do nothing and have remaining balances automatically converted into local fiat (principally Brazilian reais) and deposited in their Mercado Pago accounts. The discontinuation of Mercado Coin does not mark an exit from crypto for Mercado Libre but a strategic pivot toward more mainstream digital asset services centered on stablecoins and custody of major cryptoassets. The company continues to support crypto trading and stablecoin transfers in Mercado Pago and holds more than $38 million in bitcoin (about 570 BTC) on its balance sheet, positioning itself as one of the region’s largest corporate crypto holders. The new MeliDolar dollar‑backed stablecoin fits into this broader strategy of offering users exposure to U.S. dollars and faster, cheaper digital payments—addressing currency volatility and financial inclusion in Latin America more directly than the underused loyalty token it is replacing.

AI-generated background, compiled from web sources — not editorial content.

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