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Paxos and MercadoLibre Partner to Bring Stablecoin to Mexico's MercadoPago Payment Service

June 28 (Cointime) - Blockchain fintech company Paxos has partnered with online marketplace MercadoLibre to bring the Pax Dollar (USDP) stablecoin to Mexico via the MercadoPago payment service. USDP will be available to all MercadoPago customers in Mexico, where cryptocurrency use currently has a 9.3% penetration rate with over 12 million users.

By 2027, analysts estimate that over 20 million people in Mexico will hold crypto, bringing the total penetration to 14.6%. The introduction of USDP to the MercadoPago payment ecosystem adds stablecoin access to the service’s options in Mexico, providing relief from extraneous fees related to remittances for many users.

Pax Dollar Pax Dollar $1.00
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Paxos stablecoin
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