Digital asset firm Paxos has inked a deal to provide Mercado Pago with access to the stablecoin Pax Dollar (USDP). The Pax Dollar will now be available to Mercado Pago’s users in Mexico.
Paxos shares that over 60 percent of its active wallets are currently supporting users in Latin America. The new partnership is expected to further build upon its market activity in the region.
Michael Coscetta, Chief Revenue Officer of Paxos, said the addition of USDP, “a fully-reserved, always redeemable one-to-one digital dollar,” is emblematic of providing a stable asset to users.
Arnoldo Reyes, Head of Latin America of Paxos, described Mexico as one of the most active locations for digital assets:
“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.”
Mercado Pago currently reports almost 40 million active users around the world and is said to be the leading payments platform in Mexico.
