Circle Makes Its Entry into the Brazilian Market

Circle, a company involved in financial technology and a provider of the prime stablecoin, USDC, has entered the Brazilian market.

Fintech firm and primary stablecoin provider Circle is now entering the Brazilian market. This will allow the company to introduce its much-lauded USD-backed digital currency and asset framework in Brazil. To further its cause, Circle has forged key partnerships with the likes of BTG Pactual and Nubank.

This comes amidst a scenario that has seen fintech being massively adopted thanks to favorable policies, including the launch of the instant payment platform Pix in 2020. To date, Pix has reportedly managed to amass over 160 million users. Stablecoins are said to be responsible for around 90% of total crypto-related transactions. Circle, for its part, is looking to enhance the financial landscape in Brazil by working closely with local businesses to drive greater adoption of USDC.

Circle’s partnership with BTG Pactual, Latin America’s largest bank, will see the bank become the allocating partner for USDC, making it available to its existing clients and onboarding new customers.