Circle, a renowned global financial technology firm recognized for issuing USDC, one of the top regulated stablecoins worldwide, has made a significant move by expanding into the Brazilian market.
The announcement was made at the Circle Forum in São Paulo, marking a crucial step in providing access to USD-backed digital dollars and a robust digital asset infrastructure in a region that is quickly embracing financial technology advancements.
This expansion is in line with Brazil’s growing acceptance of fintech solutions, particularly after the introduction of Pix in 2020—an instant payment platform that now boasts over 160 million users who are familiar with digital wallets and efficient financial services.
Stablecoins, accounting for about 90% of crypto transactions in value, have been increasingly integrated into product offerings by leading neobanks and fintech companies. Circle’s entry is set to further enrich the Brazilian financial landscape by collaborating with local innovators to make digital dollars more accessible through USDC.
To enhance accessibility and innovation in digital currency, Circle has joined forces with BTG Pactual, the largest investment bank in Latin America, to directly distribute USDC in Brazil. This partnership will provide BTG’s wide network of retail and institutional clients with seamless access to USDC, integrating local banking rails for quick 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, underlined the company’s dedication to positively impacting the Brazilian market by empowering businesses to engage more actively in the global economic landscape. Allaire emphasized the synergy between Brazil’s forward-thinking fintech ecosystem and Circle’s user-friendly dollar platform, which presents numerous transformative opportunities for the region.
In 2017, BTG Pactual began leading innovations in the financial market, delving into the crypto space and establishing Mynt, its crypto trading platform.
André Portilho, Head of Digital Assets at BTG Pactual, highlighted the bank’s pioneering initiatives 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 harnessing blockchain technology to redefine financial infrastructure.
Furthermore, following a partnership announcement last year with Nubank, the largest digital banking platform globally outside Asia, Nubank Cripto customers in Brazil are already engaging in transactions with USDC. Thomaz Fortes, General Manager of Nubank Cripto, outlined the substantial demand among their 100 million users for digital dollars as a safeguard against inflation and a way to diversify savings.
The integration of USDC by Nubank aims to unlock a myriad of financial possibilities for its customers, enhancing the security, transparency, and diversity of their financial transactions.