The Pago Market, a financial branch of the Free Market, introduced Meli Dollar, a stablecoin linked to the U.S. dollar, aiming to provide more stability to Brazilian cryptocurrency enthusiasts by reducing sudden price changes and enhancing investor security.
How does the Meli Dollar function?
The Meli Dollar was created to offer a stable digital currency for cryptocurrency investors seeking lower volatility. Paid Market customers can purchase and sell Meli Dollar directly through the fintech app using real balance and without intermediary fees.
To guarantee trust in transactions involving Meli Dollar, Pago Market has collaborated with Ripio, a major cryptocurrency in Latin America. Ripio will serve as a guide and facilitator for the market and exchange, ensuring the safety and transparency of transactions conducted through the Pago Market app.
Sebastian Serrano, the president of Ripio, believes that Meli Dollar provides a cost-effective way to safeguard users’ purchasing power during economic instability, serving as a reliable option amid financial market uncertainties.
Meli Dollar, issued by Meli Uruguay S.R.L., a part of the Free Market group, is a new product in the crypto market. In addition to offering bitcoin and ether trading options, Pago Market introduced Coin Market in 2022 as a digital currency for its loyalty program.