In a significant development for Brazil’s burgeoning fintech sector, Circle, a prominent global financial technology firm known for issuing USDC, one of the world’s leading regulated stablecoins, has officially announced its expansion into the Brazilian market.
This move was revealed at the Circle Forum in São Paulo, signaling a major step in providing access to USD-backed digital dollars and robust digital asset infrastructure in a region that is rapidly embracing financial technology innovations.
This expansion aligns with Brazil’s increasing adoption of fintech solutions, notably following the introduction of Pix in 2020—an instant payment platform that now boasts over 160 million users accustomed to digital wallets and efficient financial services.
Stablecoins, representing approximately 90% of crypto transactions in value, have seen growing integration into product offerings by leading neobanks and fintech companies. Circle’s entry is poised to further enhance the Brazilian financial landscape by collaborating with local innovators to make digital dollars more accessible via USDC.
Enhancing Digital Currency Accessibility and Innovation
As part of its market launch strategy, Circle has partnered with BTG Pactual, Latin America’s largest investment bank, to facilitate direct distribution of USDC in Brazil. This partnership will provide BTG’s extensive network of retail and institutional clients with seamless access to USDC, integrating local banking rails to ensure quick and cost-effective transactions.
This collaboration not only extends USDC’s reach but also supports Brazilian businesses in tapping into the global economy with unprecedented ease.
Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the company’s commitment to impacting the Brazilian market positively by enabling businesses to participate more actively in the global economic arena. According to Allaire, the synergy between Brazil’s fintech-forward ecosystem and Circle’s accessible dollar platform opens up numerous transformative opportunities for the region.
In 2017, BTG Pactual began pioneering innovations in the financial market, venturing actively into the crypto space, which led to the creation of Mynt, its crypto trading platform.
André Portilho, Head of Digital Assets at BTG Pactual, highlighted the bank’s trailblazing efforts in issuing the first security token and USD stablecoin, as well as launching the first Bitcoin fund by a financial institution in Brazil. The partnership with Circle is viewed as a natural progression in leveraging blockchain technology to redefine financial infrastructure.
Moreover, following a partnership announcement last year with Nubank, the world’s largest digital banking platform outside Asia, Nubank Cripto customers in Brazil are already transacting with USDC. Thomaz Fortes, General Manager of Nubank Cripto, outlined the significant demand among their 100 million users for digital dollars as a hedge against inflation and a means to diversify savings.
The integration of USDC by Nubank aims to unlock myriad financial possibilities for its customers, enhancing the security, transparency, and diversity of their financial dealings.
