Circle launches USDC in Brazil, partners with BTG Pactual and Nubank

abdelaziz Fathi

Circle, the company behind the widely-used USD Coin (USDC), has officially launched in Brazil to provide USD-backed digital dollars and crypto asset infrastructure to the country’s fintech sector.

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Circle’s expansion into Brazil involves partnerships with regional firms BTG Pactual and Nubank, the Brazilian neobank backed by Warren Buffett’s Berkshire Hathaway, to facilitate access to USDC.

Brazil has seen rapid fintech adoption, partly driven by initiatives such as Pix, an instant payment platform now used by over 160 million people. Stablecoins make up about 90% of crypto transaction value in the country.

BTG Pactual, Latin America’s largest investment bank, will act as Circle’s distribution partner in Brazil, providing USDC to both retail and institutional clients. This partnership will enable businesses to mint and redeem digital dollars with local banking support, ensuring near-instant and low-cost transactions.

“There are many powerful opportunities on the horizon when Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform,” said Circle CEO Jeremy Allaire.

André Portilho, Head of Digital Assets at BTG Pactual, added: “Our partnership with Circle underscores our belief in blockchain technology as the future infrastructure of the financial industry,” he noted.

Circle’s partnership with Nubank dates back to 2023 and has since seen over 200,000 customers transacting with USDC in Brazil. Thomaz Fortes, General Manager of Nubank Cripto, pointed to a massive demand for digital dollars among their users, citing inflation protection and savings as key drivers.

Nubank, one of Latin America’s largest fintech banks, with over 80 million customers in Brazil and expanded presence in Mexico and Colombia, is focusing on improving its digital banking experience. This year, the bank has already added 11 new cryptocurrency options to its platform, Nubank Cripto.

Earlier this month, Circle said it intends to shift its legal base from Ireland to the United States ahead of its planned initial public offering (IPO). Circle had previously planned to go public through a merger with Concord Acquisition Corp., a Special Purpose Acquisition Company (SPAC), but that deal did not materialize.

USDC is the second-largest stablecoin in the cryptocurrency market, with a market capitalization of roughly $33 billion, according to data from CoinMarketCap. The largest stablecoin, Tether’s USDT, has a market cap of $100 billion.

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