Circle enters the Brazilian market
Date: 2024-05-30 Author: Gabriel Deangelo Categories: BUSINESS
On May 29, 2024, Circle, known as the issuer of the USDC stablecoin, announced its entry into the Brazilian market. At a thematic forum in Sao Paulo, the company spoke about the launch of its services in the country and about strategic partnerships that will help expand access to digital assets for Brazilian users.
Strategic expansion
Circle sees significant potential for innovation and fintech adoption in Brazil. In a press release, the company emphasized that the launch of services in Brazil will provide access to the sought-after US dollar-backed stablecoin and digital asset infrastructure.
Partnership with BTG Pactual and Nubank
To effectively enter the new market, Circle has entered into a strategic agreement with two leading financial institutions in the region - investment bank BTG Pactual and digital bank Nubank. These partnerships aim to expand access to USDC and other digital assets for Brazilian users.
Circle co-founder and CEO Jeremy Allaire said the company is committed to making a positive impact in the Brazilian market and collaborating with key stakeholders to facilitate local companies' participation in the global economy.
Early collaboration with Nubank
Circle emphasized that cooperation with Nubank began in 2023. Nubank, which serves more than 100 million customers in Brazil, Mexico and Colombia, is already actively using USDC. More than 200,000 users in the region transact using this stablecoin.
Future plans
Entering the Brazilian market isn't Circle's only significant recent initiative. The company previously filed a confidential application for an IPO in the United States, which indicates its ambitious plans to further expand and strengthen its position in the global market. Circle also launched the euro-pegged stablecoin EURC on the Solana network, demonstrating its commitment to offering a variety of financial instruments to different markets and users.
Circle is well on its way to expanding its presence in Latin America by delivering innovative solutions and collaborating with key market players to create a more accessible and efficient financial ecosystem.
