- Circle has introduced USDC support in Brazil and Mexico.
- The firm has incorporated local payment systems PIX and SPEI to facilitate local bank transfers using USDC.
The stablecoin provider Circle has unveiled that its USDC is now accessible in Brazil and Mexico, enabling users in these nations to acquire the stablecoin through local bank transfers.
In a statement released on Sept. 17, Circle announced that it had partnered with leading banks in both countries to facilitate “national, real-time payment systems” utilizing USDC. More specifically, Circle has integrated with PIX and SPEI, the primary payment systems for Brazil and Mexico, respectively.
With local bank transfers, businesses in these regions now gain immediate access to USDC from major financial institutions, eliminating the need for international wire transfers. This advancement allows businesses to access and use the stablecoin within minutes of completing a transaction, significantly reducing the delays typically experienced in traditional settlement methods.
Significant growth potential in Latin America
The introduction of USDC in Brazil and Mexico provides users with direct access to the US dollar-pegged cryptocurrency using their local currencies, Brazilian Reais (BRL) and Mexican Pesos (MXN).
This expansion reflects Circle’s interest in the broader Latin American market, which is appealing due to its substantial cross-border transactions.
To illustrate, Mexico’s trade with the United States exceeds $800 billion in annual value exchange. Similarly, 95% of Brazil’s yearly foreign trade, which totals $640 billion, is conducted in dollars, with approximately $120 billion derived from the US/Brazil trade.
While Circle pursues further USDC integration within national and regional payment platforms, its expansion within the cryptocurrency sector remains robust. On Tuesday, Circle announced its plans to launch native USDC on the Sui blockchain. The company’s cross-chain transfer protocol is also expected to be implemented on Sui.
As previously reported by CoinJournal, Circle, in collaboration with Sony Block Solutions Labs, is working to bring USDC onto the newly launched layer-2 blockchain, Soneium. This stablecoin provider was the first to achieve regulatory approval under the MiCA regulations.
