- Circle expands USDC support to Brazil and Mexico.
- Integration of local payment systems PIX and SPEI for seamless transfers.
Circle has officially rolled out its USDC stablecoin in Brazil and Mexico, enabling users in these countries to conduct transactions via local bank transfer services.
On September 17, Circle announced the integration of major banks in Brazil and Mexico, allowing for “real-time national payment systems” using USDC. This initiative incorporates local systems such as PIX in Brazil and SPEI in Mexico.
With this local bank transfer capability, businesses can now directly access USDC from prominent financial institutions, eliminating the necessity for wire transfers to international banks. As a result, businesses will experience instant access to the stablecoin, reducing traditional settlement delays significantly.
Expanding Opportunities in Latin America
The introduction of USDC in these regions provides users with direct access to this dollar-pegged currency, allowing conversions with Brazilian Reais (BRL) and Mexican Pesos (MXN).
Circle is keenly focusing on Latin America as a whole, drawn by the region’s substantial cross-border financial activities.
For context, trade between Mexico and the United States exceeds $800 billion every year. In Brazil, around 95% of the $640 billion in annual foreign trade occurs in dollars, with approximately $120 billion coming from US-Brazil trade.
As Circle enhances its USDC availability through various national and regional payment systems, its cryptocurrency sector expansion continues unabated. Recently, the company announced the launch of native USDC on the Sui blockchain, while also extending its cross-chain transfer protocol to this new blockchain.
Additionally, Circle has partnered with Sony Block Solutions Labs to integrate USDC into the newly launched layer-2 blockchain, Soneium. Notably, Circle was the first to gain regulatory approval under the MiCA regulations.
This rewritten article maintains the critical information while ensuring it is unique and well-structured with appropriate headings and formatting.