Circle, a fintech company and the creator of the USDC stablecoin, has announced its official launch in Brazil.
This expansion is aimed at introducing USD-backed digital dollars and digital asset infrastructure into Brazil’s fintech ecosystem. Through collaborations with key regional players like BTG Pactual and Nubank, Circle intends to facilitate swift and cost-effective access to USDC for users across the country.
Circle notes that the timing of this move aligns with a surge in fintech adoption in Brazil, spurred by initiatives like the introduction of the instant payment platform Pix in 2020. With over 160 million users familiar with digital wallets, stablecoins currently dominate approximately 90% of crypto transactions in the country, according to Circle. Collaborating with various entities, Circle seeks to broaden access to digital dollars via USDC, thereby enriching Brazil’s financial landscape.
As part of its market entry strategy, Circle has partnered with BTG Pactual, Latin America’s largest investment bank, to serve as its direct USDC distribution partner in Brazil. This collaboration will enable BTG Pactual to offer USDC to its existing retail and institutional clients and to onboard new clients seeking access to digital dollars. Additionally, the partnership will provide local banking rail capabilities, facilitating near-instant and cost-effective minting and redemption of digital dollars.