Circle has announced that it will now facilitate local bank remittances for USDC in Mexico and Brazil, utilizing the real-time payment systems PIX and SPEI of the respective countries.
This change removes the need for lengthy international wire transfers, which greatly speeds up access to USDC, reducing the amount of time it takes to get USDC from days to only minutes.
In order to circumvent the customary procedure of converting Brazilian Reais (BRL) and Mexican Pesos (MXN) to US Dollars (USDC) at affordable rates, the firm offers direct conversions from these currencies as well. Circle asserts that this will assist organizations in reducing expenses and improving the effectiveness of their use of digital dollars with more efficiency.
In Latin America, Circle expects that this inclusion will have a positive impact on company operations and remittances.
Stablecoins provide a more cost-effective alternative to conventional remittances, which often come with higher costs. This is because the corridor between the United States and Mexico is the biggest remittance route in the world, reaching to $63 billion in 2023.
According to Circle’s future intentions, USDC support will be extended to additional national banking systems; however, the particular nations that will get this support have not been specified.
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