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Circle , a financial technology company and the issuer of the USDC stablecoin has announced its official launch in Brazil
Circle , a financial technology company and the issuer of the USDC stablecoin has announced its official launch in Brazil. This expansion aims to introduce USD-backed digital dollars and digital asset infrastructure to Brazil's fintech ecosystem.
By partnering with prominent regional players such as BTG Pactual and Nubank, Circle plans to facilitate near-instant, low-cost access to USDC for users across the country. According to Circle, the decision to enter the Brazilian market coincides with a period of increased fintech adoption, fuelled by initiatives such as the introduction of the instant payment platform Pix in 2020. With over 160 million users familiar with digital wallets, stablecoins currently dominate approximately 90% of crypto transactions according to the same source.
Circle intends to collaborate with various companies to make digital dollars widely accessible through USDC, thus enhancing Brazil's financial landscape. Collaborating with BTG Pactual and Nubank As part of its market entry strategy, Circle is collaborating with BTG Pactual, Latin America's largest investment bank, to act as its direct USDC distribution partner in Brazil. This partnership will enable BTG Pactual to offer USDC to its existing retail and institutional clients and onboard new clients looking for access to digital dollars.
Additionally, the collaboration will provide local banking rail capabilities for near-instant and low-cost access to mint and redeem digital dollars. Representatives from Circle emphasised the company's commitment to making a positive impact in Brazil's market and supporting greater participation in the global economy. In turn, officials from BTG Pactual highlighted the bank's history of innovation in the crypto space and its belief in blockchain technology as the future infrastructure of the financial industry.
Following a partnership announcement with Nubank, a digital banking platform in Brazil, more than 200,000 customers are already engaging with USDC in the region. In this context, officials from Nubank Cripto expressed excitement about the partnership with Circle and its potential to democratise access to digital assets, providing customers with better security, transparency, and portfolio diversification. .
May 30, 2024 11:00
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