Circle Expands USDC Access to Latin America through Local Payment Systems
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Circle Expands USDC Access to Latin America through Local Payment Systems

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Created 3w ago, last updated 3w ago

Circle announced new integrations with local payment systems in both Brazil and Mexico.

Circle Expands USDC Access to Latin America through Local Payment Systems
Circle announced new integrations with local payment systems in both Brazil and Mexico. The expansion will directly expose USDC - the second-largest stablecoin by market capitalization - to businesses in these countries through local financial infrastructure.

It has also plugged into PIX in Brazil, a payments system created by the Central Bank of Brazil in 2020. In that regard, PIX boasts nearly 160 million users today and is just starting to form a cornerstone of digital finance in Brazil. On its part, Circle is integrating with SPEI, the central bank-powered system that provides real-time payments across the country.

It's strategic at a time when there is increased action of stablecoins in emerging markets for daily financial activities. A recent report from Castle Island Ventures and Brevan Howard found users in countries like Brazil increasingly using the stablecoin for savings, currency conversion, and cross-border payments.

However, Circle is not the only company to have recognized an opportunity in the Latin American markets.

Tether is already making incursions in the region; it's the main competitor and the issuer of USDT. Last year, Tether allowed the conversion of USDT to Brazilian reals after making a partnership deal with SmartPay, as well as introducing the MXNT stablecoin pegged to the Mexican peso.

Local initiatives were also driven by increasing interest in stablecoins. In Brazil, Mercado Pago, the digital banking arm of the Latin American e-commerce giant Mercado Libre, revealed the launch of its U.S. dollar-pegged stablecoin called Meli Dollar.

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