Regulated blockchain leader delivers access to world’s safest regulated stablecoin to millions of Mercado Pago users in Mexico
NEW YORK – June 28, 2023 – Paxos, the regulated blockchain infrastructure platform for enterprises, and Mercado Libre’s Mercado Pago, Latin America’s leading online payments platform, have announced that Paxos’ regulated US dollar-backed stablecoin, Pax Dollar (USDP), will now be available to all Mercado Pago users in Mexico.
With more than 60% of Paxos’ active wallets supporting customers in Latin America, Paxos has firmly established itself as a leader and the most trusted name in digital assets throughout the region. The adoption of USDP by Mercado Pago in Mexico further builds on the established partnership between Paxos and Mercado Libre. Mercado Pago now provides easy access to the safest digital dollars to millions of users in Mexico.
Michael Coscetta, Chief Revenue Officer of Paxos, commented, “The enthusiastic adoption of digital assets in Mexico and throughout Latin America showcases the demand for this transformational technology by everyday consumers. With the addition of USDP – a fully-reserved, always redeemable one-to-one digital dollar – in Mercado Pago, Mercado Libre continues to demonstrate how they launch stable, secure offerings for their users.”
Arnoldo Reyes, Head of Latin America of Paxos, added, “Mexico is one of the most active marketplaces for digital assets with millions of users tapping into the ecosystem to gain access to key financial services. The launch of USDP within Mercado Pago represents another way that Mercado Libre continues to democratize access to commerce and financial services through innovative digital asset solutions throughout Latin America.”
With nearly 40 million active users globally, Mercado Pago is the preeminent online payment platforms worldwide, and is the leading online payments platform in Mexico. In addition, this announcement marks the continuation of Paxos’ long-standing relationship with Mercado Libre and investment in the Latin American region that has unlocked access to safe digital asset services to millions of users to date.
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.