On August 29, fintech pioneer Circle announced a cooperation with Mercado Libre to launch the USD Coin stablecoin (USDC) to Mercado Pago.

Circle CEO Jeremy Allaire announced the debut of USD Coin on the retail giant's Mercado Pago online payment network on X (previously Twitter), referring to Mercado Libre as "the Amazon of LATAM with 200M users."

USDC is a stablecoin, which means it is pegged to the US dollar. As one of the most extensively used stablecoins, its introduction on the Chilean platform adds to the utility of both cryptocurrencies and the US dollar in Chile.

Travel and consumer awareness websites frequently mention that the US dollar is widely recognized in Chile - far more than it is in many other Latin American nations.

Matias Spagui, senior director of the Mercado Pago:

“The US dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty. With the launch of this stablecoin we seek to diversify access to cryptocurrencies and offer the more than two million Mercado Pago users an alternative that matches the value of the dollar.”

Sources:

https://cointelegraph.com/news/circle-launches-usdc-stablecoin-on-mercado-pago-in-chile

https://contxto.com/fintech-3/circle-introduces-its-stablecoin-usdc-on-mercado-pago-in-chile/

https://cryptobriefing.com/latams-amazon-mercado-libre-to-bring-usdc-to-chile/

https://www.circle.com/blog/circle-teams-up-with-mercado-pago-to-introduce-usdc-to-chile-customers

https://twitter.com/jerallaire/status/1696526106722177187