America

Waves

DeFi

USDC

The race to bring digital dollars to the masses in Latin America is heating up. Circle, the tech firm behind the wildly popular USDC stablecoin, is planting its flag in Brazil after forming major partnerships with two of the country's biggest financial players. 
At the Circle Forum in Sao Paulo, Circle shared big news about starting its work in Brazil. They’re partnering with BTG Pactual, a major investment bank, and Nubank, a rapidly growing digital bank, to kick things off smoothly.
For those new to crypto, <a href="https://www.coingabbar.com/en/crypto-currency-news/za-bank-of-hong-kong-offers-account-to-back-stablecoin" title="stablecoins" class="f-link">stablecoins</a> like USDC are digital tokens tied to traditional currencies like the U.S. dollar. Think of them as a friendly link between the familiar world of conventional finance and the exciting world of cryptocurrencies and blockchain technology. They make it easier for people to move between these two worlds smoothly.
With over $32 billion worth of USDC in circulation, it's the second-largest stablecoin behind only Tether's USDT. Circle's ambitious goal? To make the digital dollar accessible and useful for businesses and individuals alike across Brazil.
"There are many powerful opportunities on the horizon when Brazil's fintech-forward ecosystem converges with the world's most accessible dollar platform," Circle CEO Jeremy Allaire told the Sao Paulo crowd.
<h3 style="text-align: justify;" id="span-span-data-font-font-size-style-font-size-16px-partnering-with-brazil-s-top-companies-span-span">Partnering with Brazil's Top Companies</h3>
Circle is making a big move to connect with more people in Latin America's biggest economy. They're partnering with two major financial firms in Brazil that serve over 65 million customers together.
First up is BTG Pactual, the country's number one investment bank. Under the deal, BTG will effectively act as the exclusive distributor and onboarding partner for USDC in Brazil. That means Brazilian companies and individuals can directly access and hold USDC through BTG's banking services and platforms.
For BTG, the tie-up with Circle represents a doubling down on its crypto ambitions. The bank already offers its own stablecoin called BTG Dol, backed by good old U.S. dollars.
Andre Portilho, BTG's digital assets chief, expressed our confidence in blockchain as the future backbone of finance through this partnership—a testament to our belief in technology shaping tomorrow's financial world.
Circle's second major partner is the digital banking giant Nubank. In just seven years, Nubank has attracted over 60 million customers across Brazil, Mexico, and Colombia by providing simple mobile banking services with low fees.
While light on specifics, Circle revealed that Nubank customers will soon be able to tap into the USDC ecosystem. This could potentially open up new crypto-based services and cross-border payment capabilities for Nubank's massive user base.
Allaire believes that partnering with major players like BTG Pactual and Nubank is important for getting more businesses on board with USDC and making Circle's mission a reality – helping businesses worldwide participate in the global economy more easily and efficiently.
Here also Yellow Card's Partnership with Stellar Network empowers <a href="https://www.coingabbar.com/en/crypto-currency-news/yellow-cards-usdc-integration-with-stellar" title="USDC" class="f-link">USDC</a> to reach and facilitate faster and cheaper transactions in Africa's digital economy.
In short, the Powerful Partnerships To get their digital dollar up and running in Brazil, Circle struck deals with two major Brazilian financial firms:
<ol>
 <li>BTG Pactual - This is Brazil's biggest investment bank. They will basically be in charge of distributing and allowing Brazilians (both companies and individuals) to access and hold USDC through BTG's banking services.</li>
 <li>Nubank - This is one of Brazil's hottest digital banking apps with over 60 million customers. While details are light, Nubank customers will soon be able to use and interact with USDC in some way through the app.</li>
</ol>
<h4 style="text-align: justify;">Can Stablecoins Finally Go Mainstream?</h4>
Stablecoins like USDC have existed for years, but they've mostly served to the world of cryptocurrency trading and decentralized finance (DeFi) up to this point. Circle's big push in Brazil represents an effort to bring digital dollars into the mainstream and put them to use for real-world applications.
In an interview with Brazilian media outlet Valor Economico, Allaire indicated that stablecoins have moved beyond their initial phase of facilitating conversions between DeFi protocols and fiat currencies like the U.S. dollar.
Allaire highlighted that the exciting next step involves big institutions, like banks, embracing stablecoins. They'd use these digital-native currencies not just for storing value but also for quick, smooth cross-border transactions, leveraging the efficiency of cryptocurrencies.
It's still early days, but Circle's twin Brazilian mega-partnerships with BTG Pactual and Nubank could help bring that stablecoin vision to reality for millions.
People who are enthusiastic about cryptocurrency have often highlighted how stablecoins and blockchain technology can enhance payment systems, reduce the cost of remittances, and provide financial services to people who are not well served by traditional banks all over the world.
With Brazil home to a large unbanked population and serving as an economic hub for Latin America, Circle appears to view the country as a prime testing ground for its ambitious goals of driving stablecoin adoption beyond speculation and day trading.
Of course, there's still the matter of complex regulations, security concerns, and good old consumer trust to sort through. But with some of Brazil's biggest financial institutions now embracing the USDC flag, Circle has brought together a strong alliance as it begins its quest to make digital dollars mainstream.
Also read - <a href="https://www.coingabbar.com/en/crypto-currency-news/dorseys-new-bitcoin-mining-company-in-el-salvador" title="El Salvador" class="f-link">Dorsey’s Ocean Mining Waves In Bitcoin-Friendly El Salvador</a>

Circle Expands USDC Reach in Brazil with Major Partnerships

Tabla de contenidos

Coingabbar

Otros artículos publicados el 31 may 2024

Bybit Makes a Statement on Terra Classic (LUNC)

F65 - Atlas Navi is an AI navigation app using phone cameras to outsmart traffic.

MINU Crypto Has Been Optimistic For A Rally, Can It Gain 200%?

Can Solana Keep Up With Ethereum Surge? Analyst Recommends This Viral AI Altcoin For 10x Gains

Bitcoin Price Surpasses $69,000 Amid Japanese Crypto Exchange Hack

Bitcoin, Ethereum, Dogecoin Continue Sideways: 'A Few More Months Of BTC Chop Season,' Warns Trader

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!