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NewsCircle Collaborates with Leading Brazilian Banks to Transform Cryptocurrency Accessibility: USDC Launches...

Circle Collaborates with Leading Brazilian Banks to Transform Cryptocurrency Accessibility: USDC Launches in Brazil

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Circle, a global fintech company that issues the regulated stablecoin USDC, has made a significant move by expanding into the Brazilian market. This was announced at the Circle Forum in São Paulo, highlighting the growing acceptance of financial technology innovations in the region. Brazil has shown increased adoption of fintech solutions, particularly with the introduction of the instant payment platform Pix in 2020. Stablecoins, which account for around 90% of crypto transactions in value, have been integrated into the offerings of leading neobanks and fintech firms. Circle’s entry into Brazil aims to make digital dollars more accessible through collaboration with local innovators.

To facilitate the distribution of USDC in Brazil, Circle has partnered with BTG Pactual, the largest investment bank in Latin America. This partnership will enable BTG’s extensive network of retail and institutional clients to have seamless access to USDC, ensuring quick and cost-effective transactions through local banking rails. By extending the reach of USDC, this collaboration also supports Brazilian businesses in participating more actively in the global economy.

Jeremy Allaire, Co-Founder and CEO of Circle, expressed the company’s commitment to positively impact the Brazilian market by empowering businesses to engage more effectively in the global economic arena. Allaire believes that the combination of Brazil’s fintech 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 when it ventured into the crypto space and created 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.

Furthermore, Nubank, the world’s largest digital banking platform outside Asia, announced a partnership with Circle last year. Nubank Cripto customers in Brazil are already transacting with USDC, reflecting the significant demand among their 100 million users for digital dollars as a hedge against inflation and a means of diversifying savings. By integrating USDC, Nubank aims to unlock a wide range of financial possibilities for its customers, enhancing the security, transparency, and diversity of their financial transactions.

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