MercadoLibre's fintech arm Mercado Pago launches US dollar-priced stablecoin called Meli Dolar

Stablecoin is a type of cryptocurrency that is pegged to a stable asset as a way to reduce volatility.

MercadoLibre financial technology arm Mercado Pago has launched a stablecoin pegged to the US dollar at a one-to-one value.

Stablecoins are cryptocurrencies pegged to a stable asset, such as fiat currencies or precious metals, to reduce volatility. Mercado Pago, which operates as a digital bank and a payment services provider, said the stablecoin launch adds a new crypto product to its portfolio, as it already offers the possibility to trade crypto assets such as bitcoin and ether.

The stablecoin, called Meli Dolar, can be traded by all Mercado Pago clients in Brazil through the fintech's app, according to the company. Mercado Pago added that it will not charge fees to clients to access Meli Dolar trades. Crypto asset platform Ripio will operate as an exchange and market maker for the Meli Dolar transactions with Mercado Pago.

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