Paxos joins Mercado Libre to offer Pax Dollar stablecoin in Mexico

Paxos is teaming up with Mercado Libre to make the regulated Pax Dollar available in Mexico.

The stablecoin, which is backed by the U.S. dollar, will be accessible on the Mercado Pago payment platform to all customers in the country, Paxos said Wednesday in a statement. 

Mercado Pago has nearly 40 million active users and is a leading online payment provider in Mexico. Paxos said the partnership represented the continuation of its investment in Latin America.

"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," Paxos head of Latin America Arnoldo Reyes said in the statement. "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.”

Paxos said in April that it would exit the Canadian market.