Mercado Pago, the digital banking arm of Latin American e-commerce giant Mercado Libre (MELI), said Wednesday it will launch a dollar-pegged stablecoin in Brazil. Mercado Pago users in Brazil will be able to buy and sell the Meli Dollar stablecoin using their account balance in Brazilian real without paying any fees, the company said. The product is "designed to provide a practical and stable option for financial management," the company said. Ripio, a Latin American cryptocurrency firm, will act as a market maker for the Mercado Pago trade, the company said. Ripio operates a trading platform and a wallet in the region, among other services, and has worked with Mercado Pago to develop Mercado Coin.