Circle integrates USDC with national payment systems of Brazil, Mexico
Circle has integrated its USD-pegged stablecoin USD Coin ( USDC ) with Brazil and Mexico’s national real-time payment systems.
According to a Sept. 17 announcement, the stablecoin is now available within both countries’ baking systems. The integration allows businesses to directly access USDC from local financial institutions without international wire transfers, said Circle. Companies in the countries can use the stablecoin for corporate purposes and offer it to retail customers.
“Eliminating international wires can drastically reduce the time it takes to access USDC – from days to just minutes, releasing capital trapped in the lengthy settlement processes,” said the company.
The integration makes USDC available in local fiat currencies, such as the Brazilian Real (BRL) and the Mexican Peso (MXN). It also means a digital dollar integrated into Brazil’s PIX and Mexico’s SPEI.
In 2020, Brazil’s central bank launched PIX, its instant payment system. The system allows individuals, businesses, and government entities to conduct real-time transactions 24 hours a day with just a phone number. As of August 2024, the payment system had over 168 million users in the country.
Similarly, Mexico’s SPEI allows users to send money between banks in real-time through mobile apps or online banking platforms. The country’s interbank system has existed for 20 years and processed nearly 3.3 million transactions in 2023.
Market capitalization for stablecoins has reached $170 billion. Source: DefiLlama .
Circle’s move to Latin America targets a bigger participation in cross-border transactions — one of the popular use cases for stablecoins. According to the company, remittances from the United States to Mexico totaled $63 billion in 2023, an increase of 7% since 2022 and accounting for up to 4% of the Mexican economy.
Mexico is also one of the United States’ largest trading partners, exchanging more than $800 billion in goods and services annually. As for Brazil, approximately 95% of its $640 billion annual foreign trade in goods takes place in dollars, including approximately $120 billion in direct trade with the US.
According to data from DefiLlama, USDC currently has a $35 billion market capitalization, trailing behind Tether ( USDT ), which has a $118 billion market cap at the time of writing.
Magazine: The real risks to Ethena’s stablecoin model (are not the ones you think)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US equities reverse losses as inflation data, key earnings report loom
Nvidia is scheduled to report its Q4 earnings on Wednesday afternoon
Ethereum Faces Worst February Since 2018 Amid Market Pressure
Ethereum risks its worst February if it falls below $2400, with macroeconomic factors adding to the pressure. Can ETH recover?Historical Trends vs. Current Market ConditionsMacroeconomic Uncertainty Weighs on ETHWhat’s Next for Ethereum?

Fear Signals a Bullish Move: Are You Ready?
Bullish markets often start with fear, while bear markets begin in euphoria. Are we at the start of a new bullish leg up?The Role of Fear in Bullish Market TrendsEuphoria: The Silent Start of a Bear MarketWhere Are We Now?

Trader Bets Big on SOL: $2M Long With 3x Leverage
A trader deposited $2M USDC to Hyperliquid and opened a 3x leveraged long on SOL at $142.54. Will this risky move pay off?High-Stakes Bet: $2M Long on SOLCan SOL Hold Above the Liquidation Price?Market Implications

Trending news
MoreCrypto prices
More








