Mercado Pago Discontinues Mercado Coin on April 17

Mercado Pago, the fintech arm of Latin American e-commerce giant Mercado Libre, has announced the discontinuation of its proprietary cryptocurrency, Mercado Coin, effective April 17. Users must spend or sell their holdings through the Mercado Pago app by the deadline, after which remaining balances will automatically convert to Brazilian reais and deposit into accounts.

The decision ends a program launched in August 2022, initially in Brazil and later expanded to markets including Mexico and Chile. Mercado Coin, an ERC-20 token on the Ethereum blockchain developed in partnership with crypto exchange Ripio, allowed users to earn tokens as cash back on purchases across the Mercado Libre marketplace. Holders could redeem them for future buys or cash out via the app, aiming to introduce everyday shoppers to digital assets without the complexities of volatile cryptocurrencies like Bitcoin.

Company notifications via the app and email informed users of the changes but provided no explicit reason for the shutdown. However, the move aligns with a strategic shift toward more stable digital currencies. Mercado Pago is now prioritizing MUSD, a U.S. dollar-pegged stablecoin launched in 2024,...