Circle, the financial technology company behind the popular USDC stablecoin, has officially launched its operations in Brazil.
This strategic expansion aims to introduce USD-backed digital dollars and digital asset infrastructure to Brazil’s rapidly growing fintech ecosystem.
TLDR
- Circle, the company behind the USDC stablecoin, has officially launched in Brazil.
- Circle aims to introduce USD-backed digital dollars and digital asset infrastructure to Brazil’s fintech ecosystem.
- Circle is partnering with BTG Pactual (Latin America’s largest investment bank) and Nubank (a leading Brazilian neobank) to facilitate access to USDC in Brazil.
- Brazil has seen rapid fintech adoption, driven by initiatives like the Pix instant payment platform, and stablecoins dominate around 90% of crypto transactions in the country.
- The partnerships will enable near-instant, low-cost access to mint and redeem digital dollars (USDC) for both retail and institutional clients in Brazil.
Brazil has witnessed a surge in fintech adoption in recent years, fueled by innovative initiatives like the introduction of the Pix instant payment platform in 2020.
Pix has quickly gained widespread adoption, with over 160 million users now familiar with digital wallets and efficient financial transactions. This shift towards digital finance has created a fertile ground for the adoption of digital assets, particularly stablecoins.
According to Circle, stablecoins currently dominate approximately 90% of crypto transactions in Brazil, highlighting the growing demand for stable, dollar-backed digital currencies.
1/ Exciting news: we're launching in Brazil! 🇧🇷
This strategic expansion marks an opportunity to deliver $USDC to a market that’s leading fintech innovation and adoption. Read the full announcement: https://t.co/mJB7pE7hkp
— Circle (@circle) May 29, 2024
To capitalize on this trend, Circle has partnered with two prominent regional players: BTG Pactual and Nubank.
BTG Pactual, Latin America’s largest investment bank, will serve as Circle’s direct USDC distribution partner in Brazil. This collaboration will enable BTG Pactual to offer USDC to its existing retail and institutional clients, as well as onboard new clients seeking access to digital dollars.
The partnership will provide local banking rail capabilities, allowing for near-instant and low-cost access to mint and redeem digital dollars.
Circle’s partnership with Nubank, a leading digital banking platform in Brazil, has already seen significant traction, with over 200,000 customers engaging with USDC in the region.
Nubank Cripto, the bank’s cryptocurrency platform, has expressed excitement about the partnership with Circle, citing the potential to democratize access to digital assets and provide customers with better security, transparency, and portfolio diversification.
Representatives from Circle have emphasized the company’s commitment to making a positive impact in Brazil’s market and supporting greater participation in the global economy.
By collaborating with established financial institutions like BTG Pactual and Nubank, Circle aims to leverage their existing customer bases and infrastructure to make digital dollars widely accessible through USDC.
On the other hand, officials from BTG Pactual have 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.
Nubank Cripto has pointed to the massive demand for digital dollars among its users, driven by factors such as inflation protection and savings opportunities.
Circle’s expansion into Brazil comes at a time when the country’s fintech sector is experiencing rapid growth and increasing demand for digital asset products.
