July 21, 2024
Mercado Libre Bolsters Crypto Integration with USDC Launch in Chile
Altcoins News

Mercado Libre Bolsters Crypto Integration with USDC Launch in Chile

In order to offer the USD Coin stablecoin to Mercado Pago, fintech company Circle announced an alliance with Mercado Libre on August 29.

Circle CEO Jeremy Allaire referred to Mercado Libre as “the Amazon of Latin America with 200M users” in a discussion on X (formerly Twitter) announcing the rollout of USD Coin on the retail behemoth’s Mercado Pago online payment platform.

Being a stablecoin, USDC is linked to the dollar. The introduction of one of the most frequently used stablecoins to the platform in Chile adds to the usefulness of both cryptocurrencies and the Chilean peso.

The U.S. dollar is not as widely recognized in Chile as it is in many other Latin American nations, according to travel and consumer awareness websites.

The senior director of Mercado Pago, Matias Spagui, commented:

“The US dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty. With the launch of this stablecoin we seek to diversify access to cryptocurrencies and offer the more than two million Mercado Pago users an alternative that matches the value of the dollar.”

In 2021, Mercado Libre declared that it would start accepting cryptocurrency payments. Since then, it has made progress in that direction, with the most recent illustration being the integration of USDC for customers in Chile. The business collaborated with Paxos earlier this year to integrate the Pax Dollar (USDP) stablecoin for customers in Mexico as well.

With the recent revelation that Coinbase would acquire an equity stake in Circle upon the dissolution of the Center governance body, Circle has also gained media attention.

Prior to the reorganization, Circle stated that it was assembling resources in anticipation of the impending entry into the cryptocurrency and stablecoin markets of major players in conventional finance and Big Tech.

With the revelation that Coinbase would acquire an equity stake in Circle upon the dissolution of the Center governance body, Circle has also lately garnered headlines. The agreement gives Circle more responsibility as USDC debuts on additional blockchain platforms in the future.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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