Mercado Libre Shuts Down Mercado Coin Loyalty Token After Nearly Four Years, Shifts Focus to Stablecoins
Sao Paulo, Brazil – April 10, 2026
Mercado Libre, Latin America’s leading e-commerce and fintech giant, has announced the discontinuation of its proprietary cryptocurrency, Mercado Coin, effective April 17, 2026. The move ends a nearly four-year experiment with a loyalty rewards token that was launched in Brazil in August 2022.
The company communicated the decision directly to users via notifications in the Mercado Pago digital wallet app and email, without issuing a public statement or providing an official reason for the shutdown.[1][3] Mercado Coin, an ERC-20 token built on the Ethereum blockchain in partnership with crypto exchange Ripio, was initially priced at around $0.10 per token and served as a cashback reward for purchases on the Mercado Libre platform.[1][2]
User Options and Automatic Conversion
Starting April 17, users will no longer be able to buy, sell, or earn Mercado Coin through the platform. Affected holders have until the deadline to act, with three primary options: sell their tokens directly via the Mercado Pago app, spend the balance as credits on Mercado Libre purchases, or take no action.[1][4][5]
Any remaining balances after April 17 will be automatically converted to local fiat currency—primarily Brazilian reais for most users—and deposited into their Mercado Pago accounts, ensuring no loss of value for holders.[1][2][3] This orderly wind-down process minimizes disruption, as the token lacked an active secondary market or significant external liquidity.[1]
Background on Mercado Coin
Launched as a loyalty program to boost user engagement and retention, Mercado Coin quickly expanded beyond Brazil to other Latin American markets. It allowed users to earn tokens on purchases, which could then be redeemed for future buys or cash equivalents within the ecosystem.[3][5]
Despite its innovative approach, the token never developed meaningful liquidity outside Mercado Libre’s closed loop. Analysts suggest the discontinuation reflects a strategic pivot away from proprietary engagement tokens toward more scalable fintech solutions like payment rails, stablecoin transfers, and crypto custody services.[1]
Mercado Libre’s Broader Crypto Strategy Remains Intact
The shutdown does not signal a retreat from cryptocurrencies. Mercado Libre continues to offer buying and selling of digital assets, stablecoin transfers, and other services through Mercado Pago. The company holds over $38 million in Bitcoin on its balance sheet and launched its own dollar-backed stablecoin, Meli Dolar (MUSD), in 2024.[2][3][4]
MUSD, which supports daily transactions, peer-to-peer payments, and cashback rewards for Meli+ subscribers, is backed by $75 million in assets as of the latest attestation report on February 28, 2026. This stablecoin has become a cornerstone of Mercado Libre’s rewards ecosystem, replacing the utility once provided by Mercado Coin.[4]
“The closure of Mercado Coin does not mark the end of Mercado Libre’s crypto rewards strategy, as the platform still offers Meli Dolar (MUSD), a U.S. dollar stablecoin launched in 2024.”
– Cointelegraph report[4]
Industry Context and Implications
Mercado Libre’s decision aligns with a broader trend among tech giants reassessing proprietary digital assets amid regulatory scrutiny, market volatility, and shifting user preferences. The e-commerce leader, often dubbed the “Amazon of Latin America,” has invested heavily in fintech, with Mercado Pago serving over 100 million users across the region.
By focusing on established assets like Bitcoin and its own stablecoin, Mercado Libre aims to provide more reliable tools for cross-border payments and everyday transactions in volatile economies. Industry observers note that the auto-conversion feature safeguards users, potentially preserving trust in the platform during this transition.[1][5]
| Feature | Mercado Coin | Meli Dolar (MUSD) |
|---|---|---|
| Launch Year | 2022 | 2024 |
| Type | Loyalty Token (ERC-20) | USD-Backed Stablecoin |
| Primary Use | Cashback Rewards | Payments & P2P Transfers |
| Backing | None (Platform Utility) | $75M in Assets |
| Status | Discontinued April 17, 2026 | Active |
Market Reaction and Future Outlook
Shares of Mercado Libre (NASDAQ: MELI) showed minimal movement following the announcement, as the token represented a small fraction of its overall operations. The company’s fintech arm continues to expand, with recent analyst upgrades from firms like Jefferies highlighting its growth potential.[7]
As Mercado Libre streamlines its crypto offerings, users in Brazil and beyond can expect a smoother integration of stablecoins into daily e-commerce. This pivot underscores the maturing crypto landscape in Latin America, where practical utility trumps experimental tokens.
Mercado Libre has not responded to requests for further comment on the strategic rationale behind the discontinuation.