Blockchain technology-focused company Paxos and virtual marketplace MercadoLibre have entered a partnership which seeks to bring the Pax Dollar (USDP) stablecoin to Mexico by utilizing the MercadoPago payment service.

Mexico has been a hot crypto destination. The South American nation proudly boasts a 9.3% penetration rate for cryptocurrency use with over 12 million users. Analysts expect that by 2027, more than 20 million people in Mexico will hold crypto, which would bring the total penetration to a high 14.6%. Local and international news outlets highlight that the USDP will be available to all MercadoPago customers across Mexico.

High crypto remittance fees have affected the sentiment and attraction towards cryptocurrency trading in Mexico, and the introduction of USDP will provide more accessibility for the effective & highly-liquid stablecoin, and that is expected to incentivize crypto use within the nation.

While Venezuela is a frontrunner in Latin America with regards to cryptocurrency adoption, Mexico leads the way in total number of transactions; predominantly attributed to the number of remittances.

Sources:

https://cointelegraph.com/news/paxos-and-mercado-libre-partner-up-to-bring-usdp-to-mexico

https://www.cryptopolitan.com/mexican-crypto-market-gets-a-boost-as-paxos-partners-with-mercado-libre-to-offer-usdp-stablecoin/

https://www.statista.com/outlook/dmo/fintech/digital-assets/cryptocurrencies/mexico#revenue