Mercado Libre Dumps Its Loyalty Token, But Keeps HODLing the Bitcoin

Mercado Libre is reportedly pulling the plug on Mercado Coin, the rewards token it launched back in August 2022. Users have until April 17 to sell or spend their balances through the Mercado Pago app, or watch those coins get converted to Brazilian reals against their will. Nothing says "we believed in you" quite like a deadline to exit before the token becomes a tax liability and a conversation starter about "what could have been."

The shutdown doesn't mean Mercado Libre is done with crypto perks, though. The e-commerce giant still offers Meli Dolar (MUSD), a US-dollar stablecoin that dropped in 2024. Customers use MUSD for everyday transactions and P2P payments, while Meli+ subscribers can earn cash back in the stablecoin. According to their latest attestation report from February 28, MUSD is backed by a solid $75 million in assets. That's right, folks—while the loyalty token gets rugged, the dollar-pegged cousin gets to live another day. Funny how that works.

The writing was probably on the wall after seeing what happened to Nubank's Nucoin. The Brazilian banking giant launched its Polygon-based token in late 2022, airdropping to its massive 100 million+ customer base. Fast forward to September 2024, and the token had collapsed by 97%, forcing Nubank to suspend trading and pivot to a basic rewards program. Nothing says "Web3 revolution" quite like a 97% drawdown that makes altcoiners weep nostalgic tears for 2021. At least Nubank learned that sometimes the best utility is no utility at all.

Meanwhile, Mercado Libre continues diamond-handing its Bitcoin treasury. The company holds 570.4 BTC worth around $38.85 million, making it one of the early corporate BTC adopters after its first purchase in 2021. They haven't sold a single satoshi since, and are sitting on nearly 77% gains having bought at an average price of $38,569. While their loyalty token goes up in smoke, their BTC stash just keeps printing. Sometimes the best strategy is simply forgetting you own crypto.

Looks like when it comes to crypto, Mercado Libre knows which horse to bet on.