USDC issuer Circle increases Brazil footprint, partners with LatAm investment bank BTG Pactual
Quick Take USDC issuer Circle said it has officially launched in Brazil and partnered with regional financial institutions such as Nubank and BTG Pactual. Circle aims to expand access to and use of its USDC stablecoin amid expectations that Brazil will roll out a regulatory framework for crypto by the end of this year.
Circle, issuer of the USDC -0.0030% stablecoin, said it has both officially launched in Brazil and partnered with Latin America's largest investment bank.
The company called the launch an opportunity to increase access to USDC in a "market at the forefront of fintech innovation and adoption," according to a statement. Circle has partnered with BTG Pactual, one of the largest investment banks in Latin America.
“Since 2017, BTG Pactual has been at the forefront of financial market innovations, actively participating in the crypto space,” said BTG Pactual's André Portilho, who heads digital assets for the firm. “Our partnership with Circle is a testament to our belief that blockchain technology will form the new infrastructure of the financial industry."
Circle's announcement comes on the heels of Brazil's Central Bank saying it will unveil a regulatory framework for cryptocurrencies by the end of this year.
Nubank partnership
While Circle is calling today's announcement its "official" launch in Brazil, the company said last year it had partnered with Nubank, a Latin American fintech company that has more than 85 million customers in Brazil.
"Nubank Cripto customers in Brazil are already transacting with USDC," according to Wednesday's statement.
"We are committed to making a positive impact in the Brazilian market and partnering with key stakeholders to empower businesses to participate in the global economy with greater ease and efficiency,” said Jeremy Allaire, Circle co-founder and CEO.
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