Circle in Brazil
At the Circle Forum São Paulo, Circle, a global financial technology firm and issuer of the USDC stablecoin, announced its official launch in Brazil. This strategic move aims to provide USD-backed digital dollars and digital asset infrastructure to a rapidly growing fintech market. Circle is partnering with prominent regional businesses like BTG Pactual and Nubank to offer digital asset products and near-instant, low-cost, 24/7 access to USDC.
The launch coincides with Brazil’s rapid fintech adoption, fueled by pro-innovation policies and initiatives like the instant payment platform Pix, which boasts over 160 million users. Stablecoins now account for roughly 90% of crypto transaction value, driven by neobanks and fintechs creating new products for millions interested in stablecoin transactions. Circle plans to enhance Brazil’s financial landscape by making digital dollars widely available via USDC in collaboration with these innovative companies.
As part of the launch, Circle is partnering with BTG Pactual, Latin America’s largest investment bank, to distribute USDC to their retail and institutional clients and onboard new ones. This partnership will enable local banking rail capabilities for businesses to mint and redeem digital dollars quickly and cost-effectively.
“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, Co-Founder and CEO at Circle. “There are many powerful opportunities on the horizon when Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform.”
“Since 2017, BTG Pactual has been at the forefront of financial market innovations, actively participating in the crypto space. Our commitment to innovation led us to create Mynt, our own crypto trading platform. We are proud to be the first bank to issue a security token and a USD stablecoin in the world and also the first bitcoin fund by a financial institution in Brazil,” said André Portilho, Head of Digital Assets at BTG Pactual. “Our partnership with Circle is a testament to our belief that blockchain technology will form the new infrastructure of the financial industry. These milestones underscore our dedication to pushing the boundaries and shaping the future of digital assets.”
Following last year’s partnership announcement with Nubank, the world’s largest digital banking platform outside of Asia, over 200,000 customers are already transacting with USDC in the region.
“Our partnership with Circle marks a significant milestone for Nubank and access to digital dollars in Brazil. Among our 100 million active users, we see a high demand for digital dollars as a way to protect against inflation, build savings, and potentially spend and use it for other applications,” said Thomaz Fortes, General Manager of Nubank Cripto. “With the introduction of USDC, we can enhance the security, transparency, and diversification of our portfolio. We are glad to partner with Circle to democratize access to digital assets and contribute to the future of digital financial transactions. We believe a new generation of financial infrastructure is coming, and we´re ready for it.”
Circle’s expansion into Brazil is part of its strategy to support the growing demand for digital products and services worldwide.
