Mercado Pago, the digital banking arm of Latin American e-commerce giant Mercado Libre (MELI), said on Wednesday it would launch a stablecoin pegged to the U.S. dollar in Brazil, Golden Finance reported. The company said Mercado Pago users in Brazil will be able to buy and sell Meli Dollar stablecoins using their account balances in Brazilian reals without paying any fees. The company said the product "is designed to provide a practical and stable option for financial management." The company said Latin American cryptocurrency company Ripio will serve as a market maker for Mercado Pago transactions. Ripio operates a trading platform and a wallet in the region, offers other services, and has worked with Mercado Pago to develop Mercado Coin.