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USDC Issuer Circle Announces Entry into Brazil's Fintech Sector

Finance Magnates

Cryptocoins News / Finance Magnates 60 Views

Circle, a global financial technology firm and issuer of the regulated stablecoin USDC, has disclosed its official entry into the Brazilian market. This strategic manoeuvre aims to offer USD-backed digital currency and infrastructure to a region known for its burgeoning fintech landscape.

Collaborating with key local enterprises like BTG Pactual and Nubank, Circle intends to introduce digital asset products facilitating swift, cost-effective, and round-the-clock access to USDC.

Expanding USDC Access in Brazil

This expansion coincides with a period of considerablefintech adoption, propelled by forward-looking policies such as the 2020 launch of the instant payment platform Pix, which boasts a user base exceeding 160 million. Stablecoins presently dominate approximately 90% of crypto transactions. Circle aims to enhance Brazil's financial ecosystem by collaborating with innovative partners to democratize access to digital dollars through USDC.

As part of its market entry strategy, Circle has partnered with BTG Pactual, Latin America's largest investment bank, to serve as its primary USDC distribution channel in Brazil. This collaboration will enable BTG Pactual to provide existing retail and institutional clients with access to USDC, as well as onboard new clients seeking exposure to the digital currency.

The partnership will also furnish USDC with local banking rail capabilities, facilitating swift and cost-effective minting and redemption of digital dollars for businesses.

“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 in the world and also the first bitcoin fund by a financial institution in Brazil,” said André Portilho, Head Digital Assets at BTG Pactual.

Collaboration Impact in Brazilian Market

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

“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 at Circle.

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

This article was written by Tareq Sikder at www.financemagnates.com.
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