Mercado Libre debuts MELI Dollar in Brazil, a US dollar-pegged stablecoin offering fee-free transactions and secure financial management.

President of Mercado Pago, the company’s mission is to expand the access to the cryptosphere and promote innovation in the financial industry. This is part of Mercado Libre’s plan to offer its users more financial services in the region, making it easier for them to handle their money safely.

Stablecoin Market Growth

The introduction of the Meli Dollar is timely as the stablecoin market is continuously on the rise. Within one week from August 9 to August 20, the stablecoin market cap grew by $2.21 billion, mainly due to Tether, which increased its supply by $1.26 billion. As of now, the market capitalization of stablecoins is $168.42 billion, with Tether dominating 69.4% of the market.

Apart from the Latin America, the Tether has also unveiled plans to add a new stablecoin that will be linked to the UAE Dirham (AED). This is in line with Tether’s expansion plans to expand its operations across the world, particularly in the Middle East region.

The new stablecoin will be fully backed by liquid UAE-based reserves, which will help maintain its stability and gain the trust of users in the region.

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