USDC Issuer Circle Taps into Brazil’s Growing Fintech Sector

TLDR

• Circle, the issuer of USDC stablecoin, has officially launched in Brazil to provide USD-backed digital currency and infrastructure to the country’s growing fintech sector.
• Circle has partnered with BTG Pactual, Latin America’s largest investment bank, to serve as its primary USDC distribution channel in Brazil, providing access to retail and institutional clients.
• The partnership with BTG Pactual will also provide USDC with local banking rail capabilities, enabling swift and cost-effective minting and redemption of digital dollars for businesses.
• Circle has previously announced collaboration with Nubank, a digital banking platform serving over 100 million customers in Brazil, Mexico, and Colombia, with Nubank Crypto customers in Brazil already engaged in USDC transactions.

Circle, the global financial technology firm behind the popular USD Coin (USDC) stablecoin, has announced its official entry into the Brazilian market.

The move aims to provide USD-backed digital currency and infrastructure to Brazil’s thriving fintech sector, which has seen rapid adoption in recent years.

As part of its expansion strategy, Circle has forged partnerships with key local enterprises, including BTG Pactual, Latin America’s largest investment bank, and Nubank, a digital banking platform serving over 100 million customers across Brazil, Mexico, and Colombia.

These collaborations are designed to facilitate access to USDC and enable businesses and consumers to participate in the global economy with greater ease and efficiency.

BTG Pactual will serve as Circle’s primary USDC distribution channel in Brazil, providing both retail and institutional clients with access to the stablecoin.

This partnership will also equip USDC with local banking rail capabilities, allowing businesses to mint and redeem digital dollars swiftly and cost-effectively.

André Portilho, Head of Digital Assets at BTG Pactual, emphasized the bank’s commitment to innovation and its belief in blockchain technology as the future infrastructure of the financial industry.

BTG Pactual has been at the forefront of financial market innovations since 2017, actively participating in the crypto space and creating its own crypto trading platform, Mynt.

Circle’s collaboration with Nubank, announced previously, has already seen over 200,000 customers transacting with USDC in Brazil. Thomaz Fortes, General Manager of Nubank Cripto, noted the massive demand for digital dollars among their users, citing inflation protection and savings as key drivers.

Brazil’s fintech landscape has experienced significant growth, fueled by forward-looking policies such as the launch of Pix in 2020. This instant payment platform now boasts a user base exceeding 160 million, with stablecoins dominating approximately 90% of crypto transactions in the country.

Jeremy Allaire, Co-Founder and CEO at Circle, expressed the company’s commitment to making a positive impact in the Brazilian market and partnering with key stakeholders to empower businesses.

He highlighted the powerful opportunities that lie ahead as Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform.

Circle’s entry into Brazil comes as the company continues to expand its global footprint. The stablecoin issuer recently obtained its Digital Asset Service Provider (DASP) registration from France’s AMF and is collaborating with Japan’s SBI to circulate USDC in the country.