Brazilian users looking to hold U.S. dollars can now do so for as little as 1 Brazilian real within the MercadoPago app by purchasing USDP. In inflation-plagued Latin America, stablecoins can provide a safety net against fiat monetary debasement.
MercadoPago, the fintech arm of e-commerce giant MercadoLibre (NASDAQ:MELI), has enabled its Brazilian clients to purchase, sell and hold Bitcoin (BTC), Ether (ETH) and the Paxos-gave U.S. dollar-upheld stablecoin Pax Dollar (USDP). In an assertion gave Thursday by U.S.- based Paxos, the blockchain infrastructure platform utilized by PayPal (NASDAQ:PYPL) and Facebook (NASDAQ:FB), the organization among MercadoPago and Paxos will permit clients to pay for all items sold on the stage utilizing digital currency. This news signals one of the biggest stablecoin operations inside a non-crypto wallet to date.
Suggestion For You:
Starting with Brazil, MercadoLibre’s largest market, the collaboration with Paxos plans to “accelerate the democratization of financial services in Latin America.” As MercadoPago hopes to make crypto more easily accessible for all Brazilians, Paxos plans to safeguard customer assets.
Since MercadoPago is authorized by Brazil’s central bank to act as a payment institution, the overall operation and integration of the platforms will be done by Paxos, which has opened an office in Brazil and will handle reporting users’ transactions to the regulators, according to Tulio Oliveira, vice president of MercadoPago Brazil.
MercadoLibre has been serving unbanked and underbanked populations since 1999. Now, MercadoPago and Paxos are among the few companies trying to normalize connectivity and mainstream use cases of stablecoins. Reserve is another platform that serves to convert local currencies in Venezuela, Colombia, Argentina and Panama to U.S. dollars via the Reserve (RSV) stablecoin.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week