Mercado Libre Just Killed Its Crypto Coin — But Its Stablecoin Strategy Is Thriving in 2026

Latin America’s biggest e-commerce platform is pulling the plug on its in-house cryptocurrency — but it’s not giving up on crypto rewards entirely.

The Headline

Mercado Libre — often called “the Amazon of Latin America” — is shutting down Mercado Coin, the loyalty cryptocurrency it launched in August 2022. Users have until April 17 to sell or spend their balances through the Mercado Pago app. After that, any remaining tokens get converted to Brazilian reals.

What Went Wrong?

Mercado Coin was designed to reward shoppers with crypto cashback on purchases. But launching loyalty tokens in Latin America has proven to be a tough business:

• Nubank’s Nucoin collapsed 97% by September 2024, forcing the bank to suspend trading entirely
• Utility tokens tied to e-commerce loyalty programs haven’t found sustainable demand
• Users preferred straightforward cashback or stablecoin rewards over volatile loyalty tokens

The pattern is clear: custom branded tokens with no real utility beyond discounts tend to bleed value over time.

The Pivot to Stablecoins

The shutdown doesn’t mean Mercado Libre is done with crypto — far from it. The platform still offers Meli Dolar (MUSD), a US-dollar stablecoin that launched in 2024. And it’s gaining real traction:

• MUSD is backed by $75 million in assets (per February 2026 attestation report)
• Users transact with it daily for purchases and peer-to-peer payments
• Meli+ subscribers get cashback rewards in MUSD — a much more appealing proposition than a volatile loyalty coin

The lesson: stablecoins work. Branded utility tokens don’t.

Mercado Libre’s Bitcoin Bet Is Paying Off

Meanwhile, the company’s treasury Bitcoin holdings are doing just fine. Mercado Libre holds 570.4 BTC worth approximately $38.85 million — purchased at an average price of $38,569.

That means they’re up roughly 77% on their Bitcoin investment. The company was one of the earliest major corporations to add BTC to its balance sheet, making its first purchase in 2021, and hasn’t sold since.

What This Means for Crypto in E-Commerce

The Mercado Coin shutdown is part of a bigger trend:

• Branded loyalty tokens are dying — users want real value, not platform-specific coins
• Stablecoins are winning — dollar-pegged rewards with actual utility are the future of crypto e-commerce
• Treasury BTC remains strong — companies holding Bitcoin as a reserve asset are seeing solid returns

For anyone building or investing in crypto loyalty programs: take note. The market has voted. Stability beats novelty.

Smart money moves. Stay updated.

Sources: CoinTelegraph | Reuters