Mercado Libre is winding down the Mercado Coin cryptocurrency project, which was used as part of its loyalty program, as it shifts focus to developing its own dollar-pegged stablecoin, Meli Dolar.
Mercado Pago, the financial arm of Latin America’s largest e-commerce platform Mercado Libre, is discontinuing support for Mercado Coin, launched in 2022, Reuters reports.
The company is shutting down the project as part of a broader review of its crypto strategy, focusing instead on the development of the Meli Dólar (MUSD) stablecoin, which is pegged 1:1 to the U.S. dollar.
The Mercado Libre stablecoin shouldn’t be confused with the native stablecoin of the MetaMask crypto wallet, which was launched in September 2025 and uses the same ticker, MUSD.
Mercado Coin was primarily used in Brazil, the company’s key market, as part of its loyalty program. Users received it as cashback for purchases on the Mercado Libre platform. Token holders must now either spend or sell their holdings by April 17. Otherwise, any remaining balance will be automatically converted into Brazilian reais.
The decision to phase out Mercado Coin reflects Mercado Libre’s intention to focus on more stable digital tools and expand its presence in key regional markets.
According to Mercado Pago, since 2024, the priority has been the launch and development of the Meli Dolar stablecoin, which is already available in Brazil, Mexico, and Chile. The new instrument is expected to offer users a more predictable financial model compared to the internal bonus cryptocurrency.
