Mercado Libre's Shocking Move: Why Is Mercado Coin Dead? Investors Are Left in the Dark!

Mercado Coin, a digital loyalty token created by Mercado Libre, is set to be discontinued, marking a significant shift in the company’s crypto strategy. Users were informed through the Mercado Pago digital wallet app and via email, although no public statement was issued to elaborate on the decision. This token, introduced in August 2022 in Brazil, was designed as an ERC-20 asset on the Ethereum blockchain in partnership with crypto exchange Ripio. At launch, it was priced around $0.10 per token.

Initially, users could earn Mercado Coin as cashback from purchases made through the Mercado Libre marketplace. The idea was to draw everyday consumers into the cryptocurrency world using a low-barrier loyalty mechanism, eliminating the need for trading in Bitcoin or dealing with other volatile assets. However, despite its potential, the token remained largely confined within the Mercado Libre ecosystem and failed to gain traction outside of it.

Starting from April 17, 2026, users will no longer be able to buy, sell, or earn Mercado Coin. Those holding the token have three options before the cutoff date: they can either sell their tokens through the Mercado Pago app, spend their balance on Mercado Libre purchases, or simply do nothing. For those who choose to take no action, any remaining Mercado Coin will be automatically converted into local fiat currency, specifically Brazilian reais, and deposited into their Mercado Pago accounts.

Mercado Libre has not provided any specifics regarding the reasons for the discontinuation of Mercado Coin. However, this move aligns with a trend observed among several large tech and e-commerce companies that introduced branded tokens during the crypto boom of 2021–2022. Many of these companies are now retreating from proprietary digital assets while simultaneously maintaining or even expanding their exposure to more established financial instruments like stablecoins and direct cryptocurrency trading.

It’s important to note that Mercado Libre is not withdrawing from the cryptocurrency market altogether. The company continues to offer various digital asset services through Mercado Pago, including crypto buying and selling and stablecoin transactions. Moreover, it has recently launched its own dollar-backed stablecoin, showcasing its ongoing commitment to the digital asset landscape.

On the treasury side, Mercado Libre holds over $38 million in Bitcoin. The company first disclosed a $7.8 million BTC purchase in 2021 and reported holding 570.4 BTC in its 2025 disclosures. For the approximately 2 million users who have held Mercado Coin at various times, the shutdown is unlikely to cause significant disruption, as the token lacked an active secondary market and meaningful external liquidity. The auto-conversion feature ensures that users do not need to take any action to recover their value.

The discontinuation of Mercado Coin reflects a more focused strategic direction for Mercado Libre’s fintech arm. The company appears to be moving away from proprietary engagement tokens in favor of enhancing payment solutions, stablecoin offerings, and crypto custody services that can serve users across Latin America at scale. Mercado Pago currently processes payments for hundreds of millions of users in the region.

In summary, the termination of Mercado Coin closes a chapter on one of Latin America’s more recognizable corporate crypto loyalty programs. Launched with ambitious regional intentions, it is now ending quietly with an auto-convert notification within a wallet app, reinforcing the shifting landscape of digital assets in today’s economy.

FAQ

• What is Mercado Coin? Mercado Coin was an ERC-20 loyalty token launched by Mercado Libre in Brazil in August 2022 that allowed users to earn cashback on purchases made through the Mercado Libre marketplace.
• When does Mercado Coin shut down? Mercado Coin will no longer be available for purchase, sale, or earning starting April 17, 2026.
• What happens to remaining Mercado Coin balances after the shutdown? Any Mercado Coin balance not spent or sold by April 17, 2026, will be automatically converted to local fiat currency and deposited into the user’s Mercado Pago account.
• Is Mercado Libre leaving the crypto market? No, Mercado Libre continues to offer crypto trading, stablecoin services, and holds over $38 million in Bitcoin on its balance sheet.