Introducing USDP: The New Stablecoin for Mexican Residents

Paxos, a fintech company specializing in blockchain technology, has recently formed a partnership with the online marketplace Mercado Libre. Their collaboration aims to introduce the Pax Dollar (USDP) stablecoin to users in Mexico. Transactions will be facilitated by MercadoPago, which happens to be a digital wallet app by Mercado Libre.

This strategic decision by Paxos aligns with their overarching goal of becoming a prominent figure in the digital assets sector across the region. According to data provided by the company, more than 60% of their active wallets are presently serving customers in Latin America.

In a statement, Arnoldo Reyes, Head of Latin America of Paxos, highlighted the increasing demand for “transformational technology” by digital asset consumers in the region. He added:

“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.”

The New York State Department of Financial Services enforces rigorous regulatory oversight over the Paxos-issued stablecoin, USDP. To ensure compliance, USDP reserves are securely held in cash and cash equivalents. Furthermore, independent third-party accounting firm WithumSmith+Brown, PC, issues attestation reports for USDP, adding an extra layer of credibility and transparency to its operations.

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