Circle's USDC stablecoin becomes available in Brazil and Mexico

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The Block2024/09/16 16:00

By:The Block

Quick Take The move allows the direct conversion of Brazilian Reas and Mexican Pesos into USDC, omitting the need to convert the fiat currencies into USD.

USDC, the USD-pegged stablecoin issued by Circle, is now available in Brazil and Mexico.

The move allows the direct conversion of Brazilian Reas and Mexican Pesos into USDC, omitting the need to convert the fiat currencies into USD. Businesses may obtain USDC from local financial institutions for their own purposes or offer the stablecoin to retail customers, Circle wrote in a release published Tuesdsay.

" Circle now supports local bank transfers via PIX and SPEI, the national real-time payment systems in Brazil and Mexico, respectively," the company wrote in the statement. "Eliminating international wires can drastically reduce the time it takes to access USDC – from days to just minutes, releasing capital trapped in the lengthy settlement processes."

At nearly 28%, USDC holds the second-largest market share of USD-pegged Ethereum stablecoins as of September 16, according to The Block's Data Dashboard . The stablecoin is the sixth largest cryptocurrency with a $35.5 billion market capitalization.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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