MercadoLibre Ends Mercado Coin Loyalty Token, Shifts to Stablecoin MUSD

MercadoLibre, the Latin American e-commerce platform often described as the “Amazon of Latin America,” is phasing out its Mercado Coin loyalty token, which launched in August 2022, with users required to sell or spend their balances through the Mercado Pago app before April 17, 2026, after which remaining balances will be converted to Brazilian reals.

The company continues to offer Meli Dolar (MUSD), a US-dollar stablecoin launched in 2024, as part of its crypto rewards strategy, while maintaining a Bitcoin treasury of 570.4 BTC valued at approximately $38.85 million.

Mercado Coin Sunset Follows Four-Year Experiment with Loyalty Token

Mercado Coin launched in August 2022 in Brazil as an ERC-20 token on Ethereum, built in collaboration with crypto exchange Ripio, offering users cash back when purchasing products on the MercadoLibre platform. The token expanded to other markets after its Brazilian debut but never built a meaningful user base, functioning as a loyalty points system with added volatility.

Users have three options for their Mercado Coin balances: sell through the Mercado Pago app, spend as purchase credit on the platform, or take no action and have balances automatically converted to Brazilian reals after the April 17 cutoff. The company did not provide an explanation for the decision in its customer notice.

Meli Dolar Stablecoin Replaces Mercado Coin in Rewards Strategy

Meli Dolar (MUSD), a US-dollar stablecoin launched in August 2024, now serves as the backbone of MercadoLibre’s crypto rewards strategy. The stablecoin is built with Ripio and accessible through Mercado Pago, backed by US Treasury securities and dollar deposits to maintain a stable value.

Meli Dolar is integrated into the Meli+ loyalty program, where members receive the stablecoin as cash back on purchases. Users can spend MUSD back on the platform, sell it in the app with no fees, or hold it as a dollar hedge—a feature particularly relevant for Brazilian and Mexican consumers facing local currency depreciation. A February 28, 2026 attestation report showed MUSD balances backed by $75 million worth of assets.

Nubank Nucoin Collapse Preceded Mercado Coin Closure

The closure of Mercado Coin follows a similar pattern in Latin America, where in-house utility tokens have struggled to gain traction. Nubank, Brazil’s largest digital bank, launched the Polygon-based Nucoin in late 2022 and airdropped tokens to much of its customer base of more than 100 million users. The token’s value collapsed 97% by September 2024, forcing Nubank to suspend trading.

Nubank subsequently restructured its loyalty program in July 2024, stripping out market-based features and repositioning Nucoin as a rewards program focused on engagement, perks, and in-app benefits. The program was fully shut down by December 2024.

MercadoLibre Maintains Bitcoin Treasury amid Crypto Strategy Shift

MercadoLibre continues to hold Bitcoin as a treasury asset, with 570.4 BTC valued at $38.85 million on its balance sheet according to BitcoinTreasuries.NET data. The e-commerce platform made its first Bitcoin purchase in 2021 and has not sold any holdings since, with an average purchase price of $38,569 per BTC representing an approximate 77% gain on its investment.

The company continues to offer crypto trading and stablecoin transfers through Mercado Pago, maintaining its crypto infrastructure while shifting its loyalty rewards strategy from a volatile token to a stablecoin model.

FAQ

When does Mercado Coin stop functioning and what happens to remaining balances?

Mercado Coin will stop functioning on April 17, 2026. Users must sell or spend their balances through the Mercado Pago app before that date. If no action is taken, remaining balances will be automatically converted to Brazilian reals.

What is Meli Dolar and how does it replace Mercado Coin?

Meli Dolar (MUSD) is a US-dollar stablecoin launched by MercadoLibre in 2024, backed by US Treasury securities and dollar deposits. It serves as cash back for Meli+ loyalty program members and can be spent on the platform, sold with no fees, or held as a dollar hedge, offering stable value compared to the volatile Mercado Coin.

Does MercadoLibre still hold cryptocurrency assets?

Yes, MercadoLibre holds 570.4 Bitcoin valued at approximately $38.85 million on its balance sheet, purchased at an average price of $38,569 per BTC. The company has not sold any Bitcoin since its initial purchase in 2021 and continues to offer crypto trading and stablecoin transfers through Mercado Pago.