Mercado Libre to End Mercado Coin Token April 17 and Pivot to MeliDolar
Mercado Libre will deactivate its Mercado Coin loyalty ERC-20 token on April 17, offering holders the choice to sell, spend, or auto-convert to local fiat. The company retains $38 million in Bitcoin and shifts focus to its MeliDolar stablecoin for its loyalty program.
1. Token Shutdown Plan
Mercado Libre announced that Mercado Coin, its ERC-20 loyalty token launched in August 2022, will cease functioning on April 17. The token, which expanded beyond Brazil without building significant adoption, will be fully deactivated on that date.
2. User Options for Mercado Coin
Holders may sell remaining tokens through the Mercado Pago app, use them as purchase credit on the marketplace, or allow automatic conversion to local fiat currency if no action is taken by the deadline.
3. Stablecoin Focus and Crypto Holdings
Since August 2024, Mercado Libre has promoted MeliDolar, a U.S. dollar–pegged stablecoin backed by Treasury securities and deposits, as its primary crypto loyalty mechanism. The company also maintains over $38 million in Bitcoin on its balance sheet and continues offering crypto trading services.
4. Industry Crypto Trends
Following Nubank’s suspension of its Nucoin loyalty token after a 97% collapse, Mercado Libre’s shift underscores a broader trend toward stablecoins in Latin American fintech, prioritizing price stability and user utility.