Circle’s USDC Debuts in Brazil and Mexico via National Payment Systems
- Circle has doubled down on its global expansion efforts.
- The stablecoin issuer introduced USDC in Brazil and Mexico.
- The move came nearly four months after Circle launched officially in Brazil.
Today, the USDC issuer Circle announced that the stablecoin will be available in Brazil and Mexico through integrations with leading banks in these countries.
The development followed Circle’s official expansion to Brazil on May 19, when it entered into a business tie-up with Nubank and BTG Pactual, the largest investment bank in Latin America. The stablecoin issuer said BTG Pactual would serve as its USDC distribution partner in Brazil.
Accessing USDC in Brazil and Mexico
According to a press release on September 17, Brazilians and Mexicans can now access USDC locally via national real-time payment systems PIX and SPEI, eliminating the hassle and costs of international wires when buying the stablecoin.
Sponsored
Circle said that integrating USDC into local central bank payment systems made the stablecoin “more attractive” for businesses in the Latin American market, where cross-border transfers are mainly denominated.
For context, Mexico exchanges over $800 billion in annual goods and services trade with the U.S., while 95% of Brazil’s $640 billion in annual foreign trade in goods takes place in dollars. Per Circle, stablecoins like USDC are relatively more cost-effective than traditional remittances when facilitating these trades.
Stay updated on Circle’s choice for its HQ:
Circle Plants Its Flag in NYC for New HQ Ahead of Planned IPO
Read about BBVA’s move to add USDC to its crypto offerings:
BBVA Adds Circle’s USDC Offering to Its Crypto Service in Switzerland
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.
You may also like
Why TradFi firms could turn to bitcoin margin loans: Maple CEO
Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025