USDC Issuer Circle Taps into Brazil’s Growing Fintech Sector – Blockonomi


TLDR

Circle,
the
global
financial
technology
firm
behind
the
popular
USD
Coin
(USDC)
stablecoin,

has
announced
its
official
entry
into
the
Brazilian
market.

The
move
aims
to
provide
USD-backed
digital
currency
and
infrastructure
to
Brazil’s
thriving
fintech
sector,
which
has
seen
rapid
adoption
in
recent
years.

As
part
of
its
expansion
strategy,
Circle
has
forged
partnerships
with
key
local
enterprises,
including
BTG
Pactual,
Latin
America’s
largest
investment
bank,
and
Nubank,
a
digital
banking
platform
serving
over
100
million
customers
across
Brazil,
Mexico,
and
Colombia.

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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
USDC
with
local
banking
rail
capabilities,
allowing
businesses
to
mint
and
redeem
digital
dollars
swiftly
and
cost-effectively.

André
Portilho,
Head
of
Digital
Assets
at
BTG
Pactual,
emphasized
the
bank’s
commitment
to
innovation
and
its
belief
in
blockchain
technology
as
the
future
infrastructure
of
the
financial
industry.

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.

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Circle’s
collaboration
with
Nubank,
announced
previously,
has
already
seen
over
200,000
customers
transacting
with
USDC
in
Brazil.
Thomaz
Fortes,
General
Manager
of
Nubank
Cripto,
noted
the
massive
demand
for
digital
dollars
among
their
users,
citing
inflation
protection
and
savings
as
key
drivers.

Brazil’s
fintech
landscape
has
experienced
significant
growth,
fueled
by
forward-looking
policies
such
as
the
launch
of
Pix
in
2020.
This
instant
payment
platform
now
boasts
a
user
base
exceeding
160
million,
with
stablecoins
dominating
approximately
90%
of
crypto
transactions
in
the
country.

Jeremy
Allaire,
Co-Founder
and
CEO
at
Circle,
expressed
the
company’s
commitment
to
making
a
positive
impact
in
the
Brazilian
market
and
partnering
with
key
stakeholders
to
empower
businesses.

He
highlighted
the
powerful
opportunities
that
lie
ahead
as
Brazil’s
fintech-forward
ecosystem
converges
with
the
world’s
most
accessible
dollar
platform.

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Circle’s
entry
into
Brazil
comes
as
the
company
continues
to
expand
its
global
footprint.
The
stablecoin
issuer
recently
obtained
its
Digital
Asset
Service
Provider
(DASP)
registration
from
France’s
AMF
and
is
collaborating
with
Japan’s
SBI
to
circulate
USDC
in
the
country.

Go to Source
Author: Oliver Dale


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