- Circle has officially launched USD Coin (USDC) in Brazil, aiming to provide USD-backed digital dollars and crypto asset infrastructure to the country’s fintech sector.
- The launch involves strategic partnerships with BTG Pactual, Latin America’s largest investment bank, and Nubank, a leading Brazilian neobank.
- “There are many powerful opportunities on the horizon when Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform,” said Circle CEO Jeremy Allaire.
Circle launches USDC in Brazil, partnering with BTG Pactual and Nubank to enhance the country’s fintech ecosystem with USD-backed digital dollars.
Circle’s Strategic Expansion into Brazil
Circle’s entry into the Brazilian market marks a significant milestone in the company’s global expansion strategy. By introducing USDC, Circle aims to leverage Brazil’s rapidly growing fintech sector, which has been bolstered by initiatives like Pix, an instant payment platform now used by over 160 million people. The adoption of stablecoins in Brazil is notable, with these digital assets accounting for approximately 90% of crypto transaction value in the country.
Partnership with BTG Pactual
BTG Pactual, recognized as Latin America’s largest investment bank, will serve as Circle’s distribution partner in Brazil. This collaboration will enable both retail and institutional clients to access USDC, facilitating the minting and redemption of digital dollars with local banking support. The partnership aims to ensure near-instant and low-cost transactions, enhancing the efficiency of financial operations in Brazil. André Portilho, Head of Digital Assets at BTG Pactual, emphasized the bank’s commitment to blockchain technology, stating, “Our partnership with Circle underscores our belief in blockchain technology as the future infrastructure of the financial industry.”
Collaboration with Nubank
Nubank, one of Latin America’s largest fintech banks with over 80 million customers, has been collaborating with Circle since 2023. This partnership has enabled over 200,000 customers to transact with USDC in Brazil, driven by the demand for inflation protection and savings. Nubank continues to enhance its digital banking experience, recently adding 11 new cryptocurrency options to its platform, Nubank Cripto. Thomaz Fortes, General Manager of Nubank Cripto, highlighted the significant demand for digital dollars among their users.
Circle’s Global Ambitions and Market Position
Earlier this month, Circle announced its intention to shift its legal base from Ireland to the United States ahead of its planned initial public offering (IPO). The company had previously aimed to go public through a merger with Concord Acquisition Corp., a Special Purpose Acquisition Company (SPAC), but the deal did not materialize. USDC remains the second-largest stablecoin in the cryptocurrency market, with a market capitalization of approximately $33 billion, according to CoinMarketCap. In comparison, Tether’s USDT holds the top position with a market cap of $100 billion.
Conclusion
Circle’s launch of USDC in Brazil, supported by partnerships with BTG Pactual and Nubank, represents a strategic move to integrate USD-backed digital dollars into the country’s fintech ecosystem. This initiative is poised to enhance financial operations, offering near-instant and low-cost transactions. As Circle continues to expand globally and prepares for its IPO, its role in the cryptocurrency market remains significant, with USDC maintaining a strong position among stablecoins. The collaboration with key Brazilian financial institutions underscores the potential for blockchain technology to transform the financial industry.
