MercadoLibre (MELI) to Discontinue Mercado Coin Cryptocurrency

MercadoLibre Inc. (NASDAQ:MELI) is one of the 10 Best Growth Stocks to Buy for the Next Decade. MercadoLibre Inc. (NASDAQ:MELI) is one of the best growth stocks to buy for the next decade. On April 1, Reuters reported that Mercado Pago (fintech division of MercadoLibre) announced that it is discontinuing its proprietary cryptocurrency, Mercado Coin. Originally launched in 2022 as a loyalty program feature, the digital asset provided Brazilian customers with cashback rewards for purchases made on the group’s e-commerce platform.

The focus of the fintech’s crypto operations has shifted toward the Meli Dolar, which is a stablecoin pegged one-to-one with the US dollar. Launched in 2024, this stablecoin is currently available to users in Brazil, Mexico, and Chile. Mercado Pago indicated that this transition aligns with its current objectives for digital asset integration across its primary markets.

Users holding remaining Mercado Coin balances have until April 17 to sell their tokens or use them for purchases on MercadoLibre Inc. (NASDAQ:MELI). If no action is taken by this deadline, any outstanding balances will be automatically converted into Brazilian reais. This termination marks the end of the specific rewards-based crypto model in favor of the newer stablecoin initiative.

MercadoLibre Inc. (NASDAQ:MELI) is an internet retail company that primarily operates Mercado Libre Marketplace, which is an online commerce platform; and Mercado Pago, which is a fintech solution platform.

While we acknowledge the risk and potential of MELI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MELI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.