By
Steve Muchoki
June 28th, 2024
Nubank disclosed that Circle’s expansion will enhance the security, transparency, and diversification of its crypto portfolio for its more than 100 million active users.
Circle, a leading financial services company and issuer of the second-largest stablecoin USDC, has officially entered Brazil to enhance access to the digital dollar.
The company’s expansion into Brazil aims to provide USD-backed digital currency and infrastructure to a country renowned for its booming fintech sector.
Circle announced the expansion during the Circle Fórum São Paulo, a one-day event where businesses gathered to discuss the impact of digital dollars on Brazil’s economic growth.
Strategic Partnerships to Enhance Digital Dollar Access
To facilitate its entrance into the Latin American market, Circle has partnered with local banks such as BTG Pactual and Nubank. These partnerships will enable Circle to offer digital asset products and services, allowing users to access the USDC stablecoin without hurdles.
Additionally, the collaborations will allow USDC to integrate with local banking systems, providing businesses with fast and cost-effective options to mint and redeem digital dollars. Circle said one of the partners, BTG Pactual, will be responsible for distributing the stablecoin across the Brazilian market. The investment bank will offer access to the stablecoin to its existing customers, including both retail and institutional investors.
Additionally, BTG Pactual will facilitate the onboarding of new clients interested in the digital dollar.
André Portilho, a senior executive at the bank, stated that the partnership with Circle is a “testament” to their belief in blockchain’s potential to transform the traditional financial system.
“Our partnership with Circle is a testament to our belief that blockchain technology will form the new infrastructure of the financial industry. These milestones underscore our dedication to pushing the boundaries and shaping the future of digital assets,” said Portilho.
As for Nubank, the company already provides its customers in Brazil with access to USDC. The bank and Circle entered into a strategic partnership in December 2023 to make the digital dollar accessible to its customers.
New Opportunities for Brazilian Customers
Nubank disclosed that Circle’s expansion will enhance the security, transparency, and diversification of its crypto portfolio for its more than 100 million active users.
The bank said that Circle’s entrance into Brazil means more opportunities for its customers. Thomaz Fortes, general manager of Nubank crypto said there is a new generation of financial infrastructures coming to the Brazilian market.
“We are glad to partner with Circle to help democratize access to the world of digital assets and contribute to the future of digital financial transactions. We believe that there’s a new generation of financial infrastructure coming, and we’re ready for it,” he said.
On the other hand, Circle CEO Jeremy Allaire said the company is committed to making a positive impact in Brazil. He noted that the expansion into the Brazilian market would bring “many opportunities” to the nation’s fintech sector.