Circle, a well-known global financial technology firm that issues USDC, one of the leading regulated stablecoins, has made a significant announcement regarding its expansion into the Brazilian market. This move, which was unveiled at the Circle Forum in São Paulo, marks a major step in providing access to USD-backed digital dollars and a robust digital asset infrastructure in a region that is quickly embracing fintech innovations.
This expansion is in line with Brazil’s increasing adoption of fintech solutions, particularly following the introduction of Pix in 2020. Pix is an instant payment platform that now has over 160 million users who are accustomed to digital wallets and efficient financial services.
Stablecoins, which make up around 90% of crypto transactions in terms of value, are increasingly being integrated into product offerings by leading neobanks and fintech companies. Circle’s entry into the Brazilian market aims to further enhance the country’s financial landscape by collaborating with local innovators to make digital dollars more accessible through USDC.
To facilitate the direct distribution of USDC in Brazil, Circle has partnered with BTG Pactual, Latin America’s largest investment bank. This partnership will give BTG’s extensive network of retail and institutional clients seamless access to USDC by integrating local banking rails to ensure fast and cost-effective transactions. This collaboration not only expands the reach of USDC but also supports Brazilian businesses in connecting to the global economy with unprecedented ease.
Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the company’s commitment to making a positive impact on the Brazilian market by empowering businesses to actively participate in the global economic arena. Allaire believes that the synergy between Brazil’s fintech-forward ecosystem and Circle’s accessible dollar platform presents numerous transformative opportunities for the region.
BTG Pactual has been at the forefront of financial market innovations since 2017, actively venturing into the crypto space and creating Mynt, its crypto trading platform. André Portilho, Head of Digital Assets at BTG Pactual, highlighted the bank’s pioneering efforts in issuing the first security token and USD stablecoin, as well as launching the first Bitcoin fund by a financial institution in Brazil. The partnership with Circle is seen as a natural progression in leveraging blockchain technology to redefine financial infrastructure.
In addition, Nubank, the world’s largest digital banking platform outside of Asia, announced a partnership with Circle last year. As a result, Nubank Cripto customers in Brazil are already conducting transactions with USDC. Thomaz Fortes, General Manager of Nubank Cripto, highlighted the significant demand among their 100 million users for digital dollars as a hedge against inflation and a way to diversify savings. The integration of USDC by Nubank aims to unlock a wide range of financial possibilities for its customers, enhancing the security, transparency, and diversity of their financial transactions.
