Mercado Libre is shutting down its in-house crypto token, Mercado Coin, after just four years.
The company has told users they must use or sell their balances by April 17 through its app. If they don’t, the remaining coins will be automatically converted into Brazilian reals.
In simple terms, Mercado Coin is being phased out—and users need to act before the deadline.
The token was launched in 2022 as a rewards system, giving users cashback when they shopped on the platform. But despite strong adoption in places like Brazil, it didn’t grow into a long-term, sustainable system.
Instead, the company is shifting focus to a more stable option: Meli Dolar (MUSD), a U.S. dollar-backed stablecoin. This will now be used for payments, peer-to-peer transfers, and cashback rewards across its ecosystem.
Even though it’s ending its own token, Mercado Libre is still committed to crypto overall.
The company continues to hold Bitcoin in its treasury—over 570 BTC—a position it started building back in 2021. It also still allows users to buy, sell, and hold major cryptocurrencies like Ethereum through its fintech arm.
This move highlights a bigger trend: many companies are finding it hard to maintain their own custom tokens.
For example, Nubank had to scale back its Nucoin program after its value dropped sharply.
The takeaway is simple: while crypto itself is growing, not every company-created token can survive long term. Stablecoins and established assets are proving to be more practical for everyday use.
