Fintech
USDC Issuer Circle taps into Brazil’s growing fintech sector
TLDR
- Circle, the issuer of the USDC stablecoin, has officially launched in Brazil to provide digital currency and dollar-backed infrastructure to the country’s growing fintech sector.
- Circle has partnered with BTG Pactual, Latin America’s largest investment bank, 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 the USDC with local banking capabilities, enabling the quick and cost-effective minting and redemption of digital dollars for businesses.
- Circle previously announced its collaboration with Nubank, a digital banking platform serving over 100 million customers in Brazil, Mexico and Colombia, with Nubank Crypto customers in Brazil already engaging in USDC transactions.
Circle, the global financial technology company behind the popular stablecoin USD Coin (USDC), announced its official entry into the Brazilian market.
The move aims to provide digital currency and dollar-backed infrastructure to Brazil’s thriving fintech sector, which has seen rapid adoption in recent years.
As part of its expansion strategy, Circle has partnered with leading local businesses, including BTG Pactual, Latin America’s largest investment bank, and Nubank, a digital banking platform serving more than 100 million customers in Brazil, Mexico and Colombia.
These collaborations are designed to facilitate access to USDC and enable businesses and consumers to participate in the global economy with greater ease and efficiency.
BTG Pactual will serve as Circle’s primary USDC distribution channel in Brazil, providing both retail and institutional clients with access to the stablecoin.
This partnership will also equip the USDC with local banking capabilities, allowing businesses to mint and redeem digital dollars quickly and affordably.
André Portilho, head of digital assets at BTG Pactual, highlighted the bank’s commitment to innovation and its confidence in blockchain technology as the future infrastructure of the financial sector.
BTG Pactual has been at the forefront of financial market innovations since 2017, actively participating in the crypto space and creating its own crypto trading platform, Mynt.
Circle’s previously announced collaboration with Nubank has already seen over 200,000 customers transact with USDC in Brazil. Thomaz Fortes, general manager of Nubank Crypto, noted the massive demand for digital dollars among its users, citing inflation protection and savings as key factors.
Brazil’s fintech landscape has seen significant growth, fueled by forward-thinking policies such as the launch of Pix in 2020. This instant payment platform now boasts a user base exceeding 160 million, with stablecoins dominating around 90% of crypto 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 collaborating with key stakeholders to empower businesses.
He highlighted the powerful opportunities that lie ahead as Brazil’s fintech ecosystem converges with the world’s most accessible dollar platform.
Circle’s entry into Brazil comes as the company continues to expand its global presence. The stablecoin issuer recently obtained DASP (Digital Asset Service Provider) registration from the French AMF and is working with Japan’s SBI to circulate USDC in the country.