Quick take:
- Circle now supports local bank transfers via PIX in Brazil and SPEI in Mexico, the national real-time payment systems in those countries.
- Businesses can buy USDC using Brazilian Reais (BRL) and Mexican Pesos (MXN) in Brazil and Mexico, respectively.
- They will be able to use USDC for corporate purposes and offer it as an option to their retail customers.
Circle has announced the integration of the USDC stablecoin with local banks in Brazil and Mexico. The New York-based stablecoin issuer said on Tuesday that it now supports local bank transfers via PIX in Brazil and SPEI in Mexico, the national real-time payment systems in those countries.
The USDC stablecoin was previously only available via crypto exchange platforms in the two countries. This integration means that Businesses can now buy USDC using Brazilian Reais (BRL) and Mexican Pesos (MXN) in Brazil and Mexico, respectively.
One of the main challenges crypto exchange platforms face in onboarding users is the complexity of having to create a crypto wallet and transact using crypto addresses. This integration creates a fiat on-ramp process that is simple for non-crypto native users.
“Over the last year, Circle has taken concrete steps to make USDC faster, cheaper and easier to get in global markets where demand is highest. USDC is now available in Brazil and Mexico through national, real-time payment systems – marking a major milestone – through integrations with leading banks in these countries,” Circle wrote in a blog post on its website.
According to Circle, businesses in Mexico and Brazil will be able to access USDC directly from local financial institutions without needing to wire funds to a bank overseas. They will be able to use USDC for corporate purposes and offer it as an option to their retail customers.
Mexico is reported to exchange more than $800 billion in annual goods and services trade, while in Brazil, 95% of the country’s $640 billion in annual foreign trade in goods takes place in US dollars.
The company believes that the faster and cheaper local availability and incorporation into central bank payment systems make the USDC even more attractive for businesses in the two countries, and the Latin American region.
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