Circle, a company involved in financial technology and a provider of the prime stablecoin, USDC, has entered the Brazilian market. This will pave the way for the company to introduce its highly anticipated USD-supported digital currency and asset framework in Brazil. To advance, Circle has formed meaningful associations with companies like BTG Pactual and Nubank.
This is happening within a scenario where there is a mass acceptance of fintech due to favorable policies, including the delivery of the immediate payment base Pix in 2020. As of date, Pix has taken credit for having more than 160 million users. Stablecoins are responsible for approximately 90% of the total crypto-related transactions. Circle, on its part, intends to improve the financial space in Brazil via a close connection with local businesses to increase the spread of USDC.
Circle’s association with BTG Pactual, Latin America’s biggest bank, will see the bank become the USDC allocation associate, offering USDC to its present customers and attracting new ones.
According to Jeremy Allaire, Co-Founder and CEO of Circle, the formed associations will help them compete in Brazil’s market. In his opinion, fintech has a major role to play in the country.
As per the Head of Digital Assets at BTG Pactual, Andre Portilho, the bank has been a big player in the financial and crypto space in Brazil from 2017 onwards. The company was responsible for developing Mynt, a crypto trading base. They were the pioneers of safety tokens, along with a USD stablecoin and the setting up of an initial Bitcoin fund.
The General Manager of Nubank Crypto, Thomaz Fortez, shared that their banking platform caters to more than 100 million clients based in Columbia, Brazil, and Mexico. In his view, the association with Circle will allow them to address the growing demand for digital dollars in Brazil.
