Circle and Nubank Partner to Bring USDC to Brazil
Circle, the issuer of the stablecoin USDC, has partnered with Nubank, Brazil’s leading digital bank, to introduce USDC to local customers. This collaboration aims to accelerate the adoption of digital currency in Latin America.
Through the partnership, USDC will be integrated into Nubank Cripto, allowing Nubank’s 54 million customers to buy, sell, and hold various cryptocurrencies including Bitcoin and Ethereum.
A Global Expansion
Brazil has seen a rise in the popularity of digital currency as an alternative investment. This partnership will enable Circle to expand its reach in one of the fastest-growing markets for digital currency in Latin America. Both Circle and Nubank will prioritize security measures to ensure the safety of USDC for users in Brazil.
The two companies will also collaborate on educating Brazilians about USDC and the benefits of digital currency.
Jeremy Allaire, CEO and co-founder of Circle, emphasizes the importance of connecting with dollars in Latin America, especially in Brazil where digital currencies are gaining traction. He believes that partnering with Nubank will help increase global access to USDC and revolutionize internet finance.
Thomaz Fortes, General Manager of Nubank Cripto, states that integrating USDC offers more options for clients alongside Circle’s existing features. The companies are also exploring ways to incorporate Nubank Cripto into their range of financial solutions.
USDC was created to address the volatility issue of other cryptocurrencies by being pegged to the US dollar. It provides a stable store of value and is a popular choice for investors, traders, and businesses using cryptocurrency for transactions.
Stablecoin Adoption Surges in Brazil
According to a report, stablecoin Tether (USDT) accounts for 80% of crypto transactions in Brazil. With a market capitalization exceeding $89 billion, USDT is the largest stablecoin.
As of mid-October 2023, the total value of USDT transactions in Brazil reached nearly $55 billion USD, surpassing the volume of Bitcoin transactions. This growth indicates a rising preference for stablecoins within the Brazilian crypto community.
The adoption of stablecoins is not limited to Brazil. Latin America as a whole is witnessing an increasing interest in cryptocurrencies as a reliable store of value due to economic instability and high inflation in countries like Venezuela and Argentina.
Cryptocurrencies also offer a way to bypass strict capital controls and facilitate cross-border remittances with lower fees and faster transactions than traditional methods.
The regulatory landscape for cryptocurrencies varies across Latin America, with some countries embracing them while others implement stricter regulations. However, blockchain innovation extends beyond finance into areas such as supply chain management, identity verification, voting systems, and social impact initiatives in the region.
Hot Take: Circle and Nubank Partnership Drives Crypto Adoption in Brazil
The partnership between Circle and Nubank to bring USDC to Brazil marks a significant development in accelerating digital currency adoption in Latin America. By integrating USDC into Nubank Cripto, millions of customers can now access and use this stablecoin alongside other cryptocurrencies. This collaboration not only expands Circle’s reach but also educates Brazilians about the benefits of digital currency. The soaring adoption of stablecoins in Brazil reflects a growing interest in secure and stable digital transactions within the crypto community. As Latin America becomes a key player in global cryptocurrency adoption and innovation, partnerships like this pave the way for widespread financial transformation in the region.
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