Circle introduces USDC as local payment systems in Brazil and Mexico
Key receivers
USDC can now be obtained using Brazilian reais and Mexican pesos. Integration with PIX and SPEI will accelerate transactions in Brazil and Mexico.
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Circle today announced that it has expanded access to its flagship product, the US Dollar Coin (USDC), in Brazil and Mexico through its national real-time payment systems PIX and SPEI. The move aims to make USDC more accessible, faster and cheaper for businesses and consumers in these Latin American markets.
The company works with major banks in both countries to convert their local fiat currency, Brazilian Reais (BRL) and Mexican Pesos (MXN) to USDC. This eliminates the need for international money transfers, significantly reducing transaction time and costs, Circle said.
“Businesses can now access USDC – the world's largest regulated* digital dollar – directly from domestic financial institutions in two G20 economies without having to send funds overseas. They can use USDC for their corporate purposes and offer it as an alternative to their retail customers,” Circle explained.
This integration is particularly useful for Latin American businesses involved in cross-border trade, as USDC can be used to trade in dollar-denominated markets. Additionally, it provides a more cost-effective alternative to traditional money transfers, which often incur higher fees.
Circle's expansion into Brazil and Mexico is part of a broader strategy to make USDC more accessible globally. The company plans to continue expanding its partnerships with banks and payment systems around the world to meet the growing demand for digital currency.
The latest development comes after Circle and Sony Block Solutions Labs announced their partnership to bring USDC to Sony, Sony's Ethereum Layer-2 blockchain. The two components are to make the stablecoin the primary token for the exchanges on the platform.
USDC accounts for nearly 28% of the market share of USD-pegged Ethereum stablecoins and is the sixth largest crypto asset with a capitalization of $35.5 billion as of September 16.
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