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The USDC issuer circle takes advantage of Brazil’s growing Fintech sector

Posted on by darion

TLDR

  • Circle, the issuer of the USDC stablecoin, has officially launched operations in Brazil to provide USD-backed digital currency and infrastructure to the country’s growing fintech sector.
  • Circle has partnered with BTG Pactual, the largest investment bank in Latin America, to serve as the primary USDC distribution channel in Brazil, providing access to retail and institutional clients.
  • The partnership with BTG Pactual will also provide USDC with local rail banking capabilities, enabling businesses to mint and redeem digital dollars quickly and cost-effectively.
  • Circle previously announced its partnership with Nubank, a digital banking platform serving over 100 million customers in Brazil, Mexico and Colombia, and Nubank Crypto customers in Brazil have already engaged in USDC transactions.

Circle, the global financial technology company behind the popular USD Coin (USDC) stablecoin, announced its official entry into the Brazilian market.

The move aims to provide USD-based digital currency and infrastructure to Brazil’s thriving fintech sector, which has rapidly gained popularity in recent years.

As part of its expansion strategy, Circle has partnered with key local companies, including BTG Pactual, the largest investment bank in Latin America, and Nubank, a digital banking platform serving more than 100 million customers in Brazil, Mexico and Colombia.

This collaboration aims to facilitate access to USDC and enable businesses and consumers to participate more easily and efficiently in the global economy.

BTG Pactual will be the main distribution channel for USDC Circle in Brazil, providing both retail and institutional clients with access to the stablecoin.

This partnership will also equip USDC with local rail banking capabilities, enabling businesses to exchange digital dollars quickly and cost-effectively.

André Portilho, director of digital assets at BTG Pactual, emphasized the bank’s commitment to innovation and belief in blockchain technology as the future infrastructure of the financial industry.

BTG Pactual has been at the forefront of innovation in the financial market since 2017, actively participating in the cryptocurrency space and creating its own cryptocurrency trading platform, Mynt.

Circle’s previously announced partnership with Nubank has already seen over 200,000 customers transacting with USDC in Brazil. Thomaz Fortes, CEO of Nubank Cripto, noted the huge demand for digital dollars among his users, citing inflation protection and savings as the main factors.

Brazil’s fintech landscape has seen significant growth, driven by forward-looking policies such as the launch of Pix in 2020. The instant payments platform now boasts a user base of more than 160 million, and stablecoins dominate approximately 90% of cryptocurrency transactions in the country.

Jeremy Allaire, co-founder and CEO of Circle, expressed the company’s commitment to making a positive impact in the Brazilian market and working with key stakeholders to empower businesses.

He highlighted the powerful opportunities that lie ahead when the Brazilian fintech ecosystem is combined with the world’s most accessible dollar platform.

Circle’s entry into the Brazilian market comes as it continues to expand its global reach. The stablecoin issuer recently obtained digital asset service provider (DASP) registration from France’s AMF and is partnering with Japan’s SBI to distribute USDC in the country.