According to TechFlow, Paxos announced on Wednesday that they are working with Mercado Libre to launch the regulated Pax Dollar in Mexico, a stablecoin backed by the U.S. dollar. The stablecoin will be available on the Mercado Pago payment platform and will serve all customers in Mexico. Mercado Pago is Mexico's leading online payment provider with nearly 40 million active users.

Paxos said the partnership is a continuation of their investments in Latin America and aims to further expand their reach.