Latin American e-commerce platform Mercado Libre is winding down Mercado Coin, the loyalty token it launched in August 2022 that provided cashback and other perks. Reuters reported that users must sell or spend their Mercado Coin balances through the Mercado Pago app by April 17; balances not moved by that date will be converted into Brazilian reals. Cointelegraph contacted Mercado Libre for comment.
Brazil has been the primary market for Mercado Coin, which allowed shoppers to earn tokens as cashback when buying on Mercado Libre. The company’s decision to retire Mercado Coin does not end its crypto offerings: Mercado Libre continues to support Meli Dólar (MUSD), a U.S. dollar–pegged stablecoin introduced in 2024. MUSD is used for everyday transactions and peer-to-peer payments on the platform, and Meli+ subscribers can receive cashback on MUSD purchases. Mercado Libre’s attestation report dated Feb. 28 indicates MUSD balances are backed by about $75 million in assets.
The move follows broader challenges for in-house loyalty tokens in the region. Nubank’s Nucoin, launched in late 2022 and airdropped to much of its customer base, lost roughly 97% of its value by September 2024, prompting a suspension of trading. Nubank later restructured Nucoin into a rewards-focused program that removed market-based features and emphasized engagement, perks and in-app benefits.
Separately, Mercado Libre has maintained a corporate Bitcoin position. According to BitcoinTreasuries.NET data, the company holds 570.4 BTC valued at about $38.85 million on its balance sheet. Mercado Libre first bought Bitcoin in 2021 and has not sold since; the holdings are up roughly 77% versus the average purchase price of $38,569.
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