Circle, an issuer of USDC, has announced a broad expansion into Brazil as a result of several agreements.
Digital banking platform Nubank is one of the prominent Brazilian companies that Circle, an issuer of USDC, has partnered with in its strategic development in the country.
At the Circle Forum São Paulo, an exclusive one-day gathering of Brazil’s top minds, the business made the news on May 29. The purpose of the event was to debate the role of cryptocurrency in the local fintech sector.
Circle has teamed up with Nubank and BTG Pactual, the biggest investment bank in Latin America, to bring digital asset products to market and provide customers with 24/7 access to USDC, according to the official news release.
Circle has chosen BTG Pactual as its Brazilian distribution partner for USDC, so Circle’s current retail and institutional customers may get their hands on the stablecoin. For low-cost access and minting, the bank will also equip the stablecoin with local banking rail capabilities and onboard new customers who choose to use USDC.
Meanwhile, according to Thomaz Fortes, General Manager of Nubank Cripto, consumers may already access USDC on Nubank.
“The collaboration between Nubank and Circle is a watershed moment in the expansion of digital currency in Brazil. Many of our 100 million monthly users are looking for digital dollars as a hedge against inflation, a means to save for the future, and a medium of exchange for a variety of products and services.” Forte said.
Fortes went on to say that the collaboration will pave the way for future digital transactions and make digital assets more accessible to the general public.
Also Read: UK online bank Kroo bans crypto transactions on May 30
