- A digital wallet software developed by Mercado Libre will be used to process payments.
- Paxos’ launch coincides with a rise in global requests for rules pertaining to stablecoins.
Paxos, a blockchain-based financial technology startup, has revealed plans to launch its Pax Dollar (USDP) stablecoin in Mexico through a partnership with online marketplace Mercado Libre. MercadoPago, a digital wallet software developed by Mercado Libre, will be used to process payments.
Moreover, this recent action is part of Paxos’s larger strategy to become a regional leader in digital assets. Also, According to the company’s data, Latin American clients make up over 60% of its active wallets.
Focusing on Key Expansion
Paxos and Mercado Pago are expanding their relationship by adopting USDP. Thus, allowing Mexican users to get access to the regulated stablecoin through Mercado Pago. Arnoldo Reyes, Paxos’s Head of Latin America, made a statement emphasizing the region’s growing desire for technological transformation among its digital asset users.
Arnoldo stated:
“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. 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.”
Furthermore, Paxos’ USDP stablecoin is closely monitored by the New York State Department of Financial Services (NYDFS). The funds and their equivalents are retained as reserves for USDP, and attestation reports are provided by WithumSmith+Brown, PC, a third-party accounting company.
In addition, the corporate website declares that all audits are performed in compliance with the attestation criteria established by the AICPA. On the other hand, Paxos’ launch coincides with a rise in global requests for rules pertaining to stablecoins.
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