Circle, a global fintech company and issuer of the regulated stablecoin USDC, has announced its official entry into the Brazilian market. The strategic move aims to provide USD-backed digital currency and infrastructure to a region known for its booming fintech sector.

Circle aims to partner with key local players such as BTG Pactual and Nubank to launch digital asset products that facilitate fast, cost-effective, 24/7 access to USDC.

Expanding USDC use in Brazil

This expansion coincides with a considerable period of increasing fintech adoption, thanks to forward-looking policies such as the 2020 launch of instant payment platform Pix, which has a user base of more than 160 million. Stablecoin currently accounts for around 90% of crypto transactions. circle aims to enhance Brazil's financial ecosystem by working with innovative partners to democratize the digital dollar through USDC.

As part of its market entry strategy, Circle has partnered with BTG Pactual, Latin America's largest investment bank, as its primary USDC distribution channel in Brazil. The partnership will enable BTG Pactual to offer USDC access to existing retail and institutional clients, as well as attract new clients seeking exposure to the digital currency.

The partnership will also provide USDC with local banking capabilities, making it easy for businesses to quickly and cost-effectively mint and exchange digital dollars.

André Portilho, Head of Digital Assets at BTG Pactual, said, “Since 2017, BTG Pactual has been at the forefront of innovation in the financial markets and actively involved in the cryptocurrency space. Our commitment to innovation led us to create our own cryptocurrency trading platform, Mynt. we are proud to be the first bank in the world to issue security tokens and dollar stablecoins, and the first Bitcoin fund to be issued by a financial institution in Brazil.”

Impact of the Brazilian Market Partnership

Building on the previously announced partnership with Nubank, a digital banking platform serving more than 100 million customers in Brazil, Mexico, and Colombia, Nubank Crypto customers in Brazil have already begun participating in transactions involving USDC.

“We are committed to positively impacting the Brazilian market and working with key stakeholders to make it easier and more efficient for businesses to participate in the global economy,” said Jeremy Allaire, co-founder and CEO of Circle.

“There are many powerful opportunities that will emerge when Brazil's fintech ecosystem merges with the world's most accessible dollar platform.”