Circle has integrated its USDC stablecoin with local payment systems in Brazil and Mexico, allowing corporate customers to seamlessly access digital dollars through partnerships with leading banks in both countries. Circle’s USDC Now Available to Businesses in Brazil and Mexico
According to the Tuesday statement,
this move links USDC to the real-time payment systems of Mexico’s SPEI and Brazil’s PIX, allowing companies to change local currencies, such as Brazilian Reais (BRL) and Mexican Pesos (MXN), into USDC without requiring international wire transfers.
These integrations drastically reduce the time and cost of accessing USDC, making it more efficient for businesses in these G20 economies to manage cross-border transactions and corporate finances. By bypassing international intermediaries, companies can receive USDC within minutes instead of days, improving liquidity and reducing settlement times.
You can read more Crypto articles
Circle’s expansion into Brazil and Mexico amid growing demand for dollar-denominated stablecoins in Latin America. Both countries conduct a large share of their international trade in U.S. dollars.
Mexico, the United States’ largest trading partner, sees over $800 billion in annual trade, while Brazil conducts 95% of its $640 billion foreign trade in dollars, including $120 billion in direct trade with the U.S.
The U.S.-Mexico remittance corridor, the largest in the world, saw $63 billion in transfers in 2023, representing 4% of Mexico’s GDP. Stablecoins like USDC offer a cost-effective alternative to traditional remittances, which typically charge around 6.35% in fees, making them a more appealing option for cross-border payments. Circle’s USDC Now Available to Businesses in Brazil and Mexico
Circle plans to continue expanding USDC’s reach by adding more banking partners and payment systems globally. The announcement follows Circle’s recent initiatives to expand its stablecoin to new blockchain networks, including the upcoming integration with the Sui Network.
CoinGecko pricing data shows that Circle’s USDC, the second-largest stablecoin behind Tether’s USDT, with a market valuation of $35.50 billion and a 24-hour trading volume of $6.51 billion.
Follow HiTrend on X
