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USDC Issuer Circle Announces Entry into Brazil’s Fintech Sector

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Circle, a global financial technology firm and issuer of the regulated stablecoin USDC, has officially entered the Brazilian market. This strategic move aims to bring USD-backed digital currency and infrastructure to a region known for its rapidly growing fintech landscape.

In collaboration with key local enterprises such as BTG Pactual and Nubank, Circle plans to introduce digital asset products that provide fast, cost-effective, and around-the-clock access to USDC.

Expanding USDC Access in Brazil

This expansion aligns with a significant period of fintech adoption in Brazil, driven by initiatives like the 2020 launch of the instant payment platform Pix, which now boasts over 160 million users. Stablecoins currently account for about 90% of crypto transactions in the country. Circle aims to enhance Brazil’s financial ecosystem by partnering with innovative companies to democratize access to digital dollars through USDC.

As part of its market entry strategy, Circle has teamed up with BTG Pactual, Latin America’s largest investment bank, to be its primary USDC distribution channel in Brazil. This partnership will allow BTG Pactual to offer USDC access to both existing retail and institutional clients, as well as attract new clients interested in digital currency.

The collaboration will also provide USDC with local banking rail capabilities, enabling businesses to mint and redeem digital dollars quickly and cost-effectively.

“Since 2017, BTG Pactual has been at the forefront of financial market innovations, actively participating in the crypto space. Our commitment to innovation led us to create Mynt, our own crypto trading platform. We are proud to be the first bank to issue a security token and a USD stablecoin globally and also the first financial institution in Brazil to launch a bitcoin fund,” said André Portilho, Head of Digital Assets at BTG Pactual.

Impact of Collaboration in the Brazilian Market

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Building on a previous announcement of collaboration with Nubank, a digital banking platform with over 100 million customers across Brazil, Mexico, and Colombia, Nubank Crypto customers in Brazil are already engaging in USDC transactions.

“We are committed to making a positive impact in the Brazilian market and partnering with key stakeholders to empower businesses to participate in the global economy with greater ease and efficiency,” said Jeremy Allaire, Co-Founder and CEO of Circle.

“There are many powerful opportunities on the horizon as Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform.”

Source: financemagnates.com

 

The post USDC Issuer Circle Announces Entry into Brazil’s Fintech Sector appeared first on HIPTHER Alerts.

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